If it's the panda costume, then no, you can't use it more than once. If it's the black-faced Mimitchi costume, then yes, you can use it however many times you want. Put your Tama to sleep and wake it up again to get the costume off.
P.S. I saved 2500 points for the panda costume and it's a total rip-off! It's totally cheesy and you can only use it once...I wasted my pointage...sob...