Official Ruling
Yes, you can. You can't use BT8-071 [Psychemon]'s effect to reduce the play cost, but the original play cost can be paid, therefore you can declare to play this card. After declaring to play it, you can use the 1st effect to suspend 2 Digimon, but you can't reduce the play cost, therefore you must pay the original play cost of 11 in order to play this card.
Source: EX8-074 MedievalGallantmon