Yep. OS X is very flexible that way. Here's how to do it:
Open the Keyboard & Mouse section of System Preferences (under the Apple menu), and click on the Keyboard Shortcuts tab. Click the "+" button under the list, and a window will appear that lets you set a shortcut for any menu item of any application. Select Finder from the application list, type "Name" into the menu title field, and then type the shortcut you want in the shortcut field (for example, control-shift-N).
Once you're done, you should log out to make the changes take effect. When you log back in, you should see your shortcut listed next to the "Arrange By > Name" item.