Yes. WinHelp has no problem running from a network, provided it's in a directory with a read-only restriction. (A Read Only restriction on the file alone is not sufficient). The read- only restriction is to ensure that WinHelp 4.0 creates the .GID, .FTS, and .FTG files locally for each user. If these files are on the network drive, they can cause problems for users that use mapped drive letters to access this directory.
WinHelp 4.0 is designed for modular help, with multiple files linked together to share the Help Topics dialog (that is, to display a combined contents, index, and full-text search). Unfortunately, when files aren't linked, WinHelp only displays the Help Topics from first file - the file whose GID file was accessed. The problem is that WinHelp doesn't easily switch GID files, even when you jump to another .HLP file.