Yes, Fast drug slows your metabolism so you use less Oxygen (if you don't look at the science too closely - but that's the case with anything Traveller). Provided you regulate the Oxygen flow, as Aramis said.
Of course, as a technicality, you wouldn't be able to perform many actions - not even standing up. Standing is a constant balancing act between muscles and gravity. Slow those muscle reactions by a factor of 60 and you fall over.
Slow drug would create some problems, too, inertia may prevent things from working as fast as you want them to - air resistance on a door, return springs on a keyboard, etc.
But I'm digressing.