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Yes, absolutely. It's classic and historic and it would be a pity not to use it because Mrs Thatcher had it. Besides, by the time today's baby Margaret grows up the association with the late prime minister (love her or loathe her) won't be as strong. And what if it is? Your little Margaret will be accepted on her own terms, especially by her generation.
Margaret can evoke many great ladies, including Margaret of Anjou, Margaret Beaufort, Margaret Leighton, and Margaret Lockwood. In Australia it used to be almost a default girl's name, owing to the number of people with Scottish ancestry.
If I were you, I would choose a non-Maggie nn in advance, such as Meg.
It's not as if it's a less well-used and well-established name like Myra, which I would steer clear of like the plague, since it's so deeply ingrained in the public mind with a particular person, a truly evil one at that.
Margaret has a great and rich past - it's time to reclaim it for the future.