Henning,
Yes, if you wish. However you might run into surprises because the Floating class defines pi polymorphically, and the Floating instance for ExactPi uses exactly pi. We are also considering adding exact evaluation of trignonmetric functions at those points in the domain that can be exactly represented. As long as you are aware of this issue you can use it for any other transcendental function you might be more interested in.
You could also consider copying the entire thing but changing the: