Using spackle/drywall mud to patch wood trim?

I’m repairing the plaster walls in a bedroom. There is quite a bit of painted wood trim that is showing it’s age with dings, dents and gouges. Since I’m not going to strip and stain the woodwork and will just be painting it again, can I just use the drywall compound to patch it?

For the record, it is too late for this time around – as I already did it – but I’d like to know for next time. (In an old house there is always a next time!)