In the time domain let's say we have a signal $L_t$ and $R_t$. Then we can do mid/side encoding/decoding like so:
$$M_t = \frac{L_t + R_t}{2}$$ $$S_t = \frac{L_t - R_t}{2}$$
$$L_t = M_t + S_t$$ $$R_t = M_t - S_t$$
Let's say the we convert a block of $N$ values from $L_t$ and $R_t$ to the frequency domain by zero padding and taking their FFT to yield $L_f$ and $R_f$. Is it possible to do a similar encoding for mis/side in the frequency domain i.e. convert $L_f$ and $R_f$ to $M_f$ and $S_f$? So that the inverse FFT of $M_f$ and $S_f$ would yield $M_t$ and $S_t$?