Yes, I think that is possible. It's probably not trivial and it won't do the sub-division for you, but a standard vertex displacement, should be possible. I put it on my to-do list.
If you are using the R12 or MoGraph, you can also use the displacer deformer object. That should work, too.
Cheers,
Marcus
In theory there is no difference between theory and practice. In practice there is. - Yogi Berra