Yeah, you have to see the faucets out there too
In fact, most faucets use adsense, some of the more successful ones include:
moonbit.co.in
faucet.bitcoinzebra.com
freebitco.in
If your traffic is real and steady, why not? It is just like any other normal sites, but you should never click or ask people to click on your adsense ads for more revenue as it might get you banned. Pays you the most too, but you have to use the money to exchange into bitcoin yourself, if you dont mind.