Most definitely true. You just need to construct a motor adapter. This is easy to do. All you need is a BT-20 motor tube, a thrust block, a standard engine hook and two AR-2050 centering rings. To use it, you place your 18mm motor into the adapter and them place the adapter into the 24mm motor mount. You will need to have a way to restrain the adapter to keep it from being ejected out of the mount. If the 24mm mount has a motor hook, you can employ it to hold in the adapter. A second motor hook on the adapter itself holds in the 18mm motor. Use the method described in the post above.
Of course, to be safe the rocket in question must be one that the smaller motor can launch safely. It has to be light enough to be within the maximum lift-off weight for the smaller motor.
I have done this several times myself. One rocket that was often flown on smaller motors was the Estes Goblin. When it was launched on its standard 24mm D motor it could often go out of sight, so many people, myself included, stepped the power down to a C6 motor, which they used with the aforementioned motor adapter. Don't worry about the ejection charge strength of the smaller motor. In any rocket that the 18mm motor can lift, the charge will be more than sufficient to deploy the recovery system.
EDIT: tbzep's method above for constructing an adapter out of a spent C11 or D12 motor works really well. In fact, it's probably the best way. I don't glue the smaller motor in, because the fit is usually so tight that I don't worry about it coming out. It never has when I have used this method. At most I have put a wrap of masking tape around the 18mm motor to make the fit sufficiently tight. I have to push the spent 18mm out with the help of a dowel and some tapping with a hammer. I can then reuse the same adapter with another motor. Don't use anything to tap the smaller motor into the adapter, though, because you can easily damage it. If you can't push it in by hand with firm, steady force, it is too tight.