It depends on the obectives you are looking for. Outcrops help alot to understand the depositional environment and so many other features, but you are still limited if you want to undertand the poro-perm relationship, pore size distribution, etc which must be studied via cores, thin sections and some laboratory experiments!
Concerning the surface outcrops, they help greatly but as a preliminary exploratory study must be followed by geophysical subsurface, well logging and core analyses studies. Also, the surface studies must be in the neighborhood of the target subsurface section and have been deposited under the same environmental conditions.
It is not advised to get from the surface studies in the case of alluvial environmental where the depositional conditions are much more complicated and greatly change laterally.
Yes,you can do it. I recently found some carbonate reservoir characterization from the outcrop by the porosity,calcite cements, dolomitization, bitumen and so on.