Absolutely - take a look at the 'server-based workflow'. As part of the token generation process, a the expiration and a refresh token accompanies. You would have your script store these locally and check the expiration time to now; if less than your criteria, you exchange the refresh token for a new token. The documentation mentions a 'permanent' token; be advised that capability will be removed in an upcoming ArcGIS Online release.
You may have to start this process manually by using, manually constructed urls, a local web server that won't attempt to process the codes or tokens as your redirect_URI & Postman or curl to complete the authorization code > token and initial (short life) token > long life token exchanges.
