Yes is possible but there is a catch. When you record keyframes with the prop parented the xyz translations and rotations are recorded for the parent and the prop. After recording the keyframes from 0-120 and with frame 120 showing change the props parent from whatever to universe. Then record keyframes after 120 to end of animation. If you need to alter keyframes before 120 realize that the prop is NO LONGER PARENTED. best of luck.