Yes. The following is taken from the help pages in SWAT (Samba config)
domain logons (G)
If set to yes, the Samba server will serve Windows 95/98 Domain logons for the workgroup it is in. Samba 2.2 also has limited capability to act as a domain controller for Windows NT 4 Domains. For more details on setting up this feature see the Samba-PDC-HOWTO included in the htmldocs/ directory shipped with the source code.
Default: domain logons = no
domain master (G)
Tell nmbd(8) to enable WAN-wide browse list collation. Setting this option causes nmbd to claim a special domain specific NetBIOS name that identifies it as a domain master browser for its given workgroup. Local master browsers in the same workgroup on broadcast-isolated subnets will give this nmbd their local browse lists, and then ask smbd(8) for a complete copy of the browse list for the whole wide area network. Browser clients will then contact their local master browser, and will receive the domain-wide browse list, instead of just the list for their broadcast-isolated subnet.
Note that Windows NT Primary Domain Controllers expect to be able to claim this workgroup specific special NetBIOS name that identifies them as domain master browsers for that workgroup by default (i.e. there is no way to prevent a Windows NT PDC from attempting to do this). This means that if this parameter is set and nmbd claims the special name for a workgroup before a Windows NT PDC is able to do so then cross subnet browsing will behave strangely and may fail.
If domain logons = yes , then the default behavior is to enable the domain master parameter. If domain logons is not enabled (the default setting), then neither will domain master be enabled by default.
Default: domain master = auto
BTW, I have my system set precisiely like this. master domain controller = RH8. Kids PC's on 98 seeing it as domain controller.