You can, although similar latency will clearly help if using the VPN bonding method, not quite so much of an issue if you're just round-robin-ing over the 2 lines.
Round robin over 2 lines will more or less give you full line rate of both lines, if the destination supports multiple IPs for the session without breaking but you can be sensibl with policy based routing to only push some traffic over 1 line/IP, the trunking/bonding method you end up with about 80% and I see about 4-5ms latency increase as the dedicated bonding box peers well with my ISP. Then just a few up/down scripts to remove the OpenVPN L2 interfaces from the trunk as/when the VPN health checks time out, to control fail over fail back
A&A, ISP I use, also allow you to control the routing of your IPs over the lines, so you can bond from their end if you wish. The advantage with VPN bonding, is that it doesn't require anything from the ISP, you can get extra IPs from the host you're using from.
Apologies for the topic digression.