Possibly yes, if you get a USB reader that takes Type II CF media, and connect it to a USB OTG cable. Microdrives were Type II Compact Flash compatible. However there might not be enough power from an Android device's USB to run one, so you'd have to use a powered card-reader or a powered USB hub.
This has to be mainly for interests sake rather than anything really practical, connecting a 1-2GB tiny hard-drive to a phone. A 1 metre drop onto a hard surface would kill a Microdrive. I remember a friend had one in a DSLR camera, in about 2000, it was quite expensive he tended to baby it. Of course Microdrives are completely obsolete now.