Yes, that is essentially how a gyroscopic artificial horizon works.
Consider that the local horizon changes relative to an inertial frame (the stars) as you travel across the surface of a sphere, so even if you could build a perfect gyro that remained stationary in the inertial frame you would need to update the local down as you move. The solution is to slightly weight the gyro cage to bias it to the local down.
Now, consider that, in a properly-coordinated turn, the passengers (and gyro) will feel that gravity points straight to the floor :) So the time-constant of the damping is important.