About the science: YES. Steampunk loves glorifying science. About the time period... my first reaction would be NONONO, that's lovecraftian era! Don't do it!
The more mature answer is yes, you can have steampunk '20s, but you're going to have to be really careful in crafting your world to scream steampunk and not, say, call of cthulu.
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The more mature answer is yes, you can have steampunk '20s, but you're going to have to be really careful in crafting your world to scream steampunk and not, say, call of cthulu.