Certainly! The only thing you can't do before hand is film anything directly (goes against the point of the contest). Feel free to build sets, characters, generate story ideas, get/make music, and anything else!
Just know that, due to the color & letter/number mods, some sets and/or characters might not be acceptable as is. (You'd have to add in the mod element)
For THAC, I generally wait on sets and characters until the day of - just so I can include the mod element in as many places as possible to make it easier on myself.
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