It can, but you can't 'brand' the panel, so your clients will always be aware that they are hosted at DreamHost.
You can setup individual FTP users for your clients and place their domains under the control of those users. When they log-in via FTP they will only see the files related to the domains that they control.
You can also create new WEBIDs (panel log-ins) for your clients and give them specific panel 'privileges'. You can read more about this in the wiki article linked below;
You can add unique IP addresses at any time via the panel, but be aware that, under the DreamHost system, each unique IP can only be assigned to one domain (or sub-domain).
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