Yes indeed you can use a ratio or proportion---implying degree of probability and intensity.
In the linear probability model (LPM), the dependent variable is a dummy, In Probit, the dependent variable ranges from 1 to 0, in Tobit, the dependent variable ranges from 0 to infinity.
You can do it. In the stata estimation, if your data has range from 0 to 1, you dont have to set the right tail and left tail of the tobit model
If your data have range outside of 0 and 1, you have to set up the right and left tail for the order in stata (please find the information in the attached file)