Can SDS drill bits be used with keyed single sleeve drills? If yes, are there any precautions I have to take for ensuring the best result?
Your results will vary by the chuck configuration of your drill. You might get lucky; you might not.
If you chuck the bit in and it's wobbly, try shifting it a tiny amount -- it may work better. Be prepared to tighten the chuck frequently.
If you're drilling a lot of masonry, you might find an upgrade to a real rotary hammer drill (such as a Bosch bulldog) would improve your life a lot.