Yes, you can live in a skoolie or school bus conversion full time and many do. It is so common in fact, when you go to find a new insurance policy, they will often ask you if you are living part-time or full-time at your vehicle so this is not an uncommon thing. Also, a number of services, like mail forwarding services and campgrounds, exist for and in support of those living a full time in their motorhomes.
Depending on your location, you may need to make special modifications to winterize your vehicle, and general maintenance will always arise to make sure your home is livable, whether stationary or mobile mobile, such as roof and window maintenance.