How to restore a missing Recovery HD partition
Yes, you can. Be sure to have a full Time Machine archive on an external device before you begin, and check your MBP meets the minimum system requirements before you buy.  The Mountain Lion installer will create Recovery HD, if it doesn't already exist.

In case you choose to do a clean install, which is quicker, import your account afterwards from the Time Machine archive using Migration Assistant: you can pick and choose exactly what you want to import from the archive, and the Apple utility will sanitise imported user preferences so they are Mountain Lion compatible.

Alternatively, if you are comfortable using Terminal,  Lloeki's answer to How can I create or recreate a Lion recovery partition has much to recommend it.