Absolutely. I think the feet are very ticklish, but the exact place depends on the person. Some people are very ticklish on the sides or top of the feet. Other people are most sensitive on the upper body, even in places one would not expect! Some women are supersensitive on the chest area above...
I think a lot of guys don't really mind the idea of being tied in restraints while a woman tickles them, but they don't want to admit it! Personally, I think it's a great turn on.