Yes!
Just make sure
not to include a texture path in the fpe and to probably reference the textures in the modelfile itself.
You then also have to copy the textures in the folder where the entitie is. Make sure not to include any folder-paths only the name of the texture referenced in the .x file.
Please note that baking and shadermapping is still having some hickups in the current beta if you use models with multiple textures.
Simple models with few textures can also be reconverted like
this.
-Wolf
"When I contradict myself, I am telling the truth"
"absurdity has become necessity"
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