Izanagi no, because you require both senju and uchiha DNA to use it, as Danzu and Obito showed and as Obito stated.
Izanami possibly because Itachi was able to use it and didn't have Senju DNA. However, I doubt it would have much of an effect if he did, assuming he even knows of it or knows how to use it.
Madara has Hagoromo's form and chakra and thus probably the onmyouton (yin-yang release). The original form of Izanagi that created the bijuus, manipulates reality and dispels all jutsus that Obito used and the only thing that beats that is senjutsu. Furthermore, Izanami only works on those who do not accept themselves or their ideals, and Madara accepts himself. At least that's how Itachi used it. He said it was originally meant to counter Izanagi and nothing else so what would be the point of using it, unless of course it can counter onmyouton, which I doubt it can.