Yes, in fact the only problem are the MANY frames of the sprites imported as bitmaps and incorporated into the gamefile. I don't know how big a MMF2 gamefile could be and I'm worried about filesize and crash risk.
I'd hoped that working with a Project instead of a single application could work. A small almost-engine-code-only file would be wonderful, but I see it's not possible to handle active objects in the events if they're not fully embedded and saved into the main .mfa gamefile.