From my very brief reading on the subject, it seems that DNAzymes are single-turnover catalysts because they are strongly product-inhibited, so it would not be appropriate to use steady-state kinetic analysis. It might be suitable to employ single-turnover kinetic analysis. These papers may have relevant information:
The short answer is 'yes', but with several caveats. Catalytic DNAs (whatever the reaction they catalyze) may be expected to obey Michaelis-Menten kinetics, to a first approximation. I happened to study a RNA-cleaving DNAzyme, and indeed it would behave as a MM catalyst under the appropriate conditions:http://nar.oxfordjournals.org/content/32/3/916.long.
However, as Adam pointed out, when DNAzymes recognize their substrates by base-pairing, and when such pairing is extensive, product inhibition may be severe, to a point where reactions become effectively single-turnover. Furthermore DNAzymes (much like protein enzymes) may show allosteric effects, which give rise to non-MM curves. Sometimes, apparent allosteric effects may also be observed (for an example, see Fig. 3B in the following paper: