Yes. I had that setup on my Raptor: Built Right molle panels over top of a full bedrug (mat and sides). It takes some time to get it all installed well. You'll want to take your time. But the result is really nice. It's essentially a huge trunk for your truck.
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On my TRX I went with Built Right panels and just the XLT Bedrug mat. My fishing lures kept getting hung in the sides of my bedrug on my Raptor, and I never utilized much value in the sides of the bed being padded, so I decided to go with just the mat on the TRX. So far that's working well.
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