Bismillaah-ir-Rahmaan-ir-Raheem.

Assalaamu 'Alaikum wa Rahmatullaahi wa Barakaatuh.

It would be permissible on condition that the make-up does not prevent the water from reaching the skin when making Wudhu. Hence, nail-polish and other water-proof products will not be permissible.

And Allaah knows best.

Wassalaam.