I'm guessing from the results of last weekend that the answer is no but just in case I thought I'd throw this one out there. I left transcodes going using this software and thought it'd be great because Avid could now be freed up.
I left transcodes running on Friday night and somebody else attempted to work from the machine during the weekend in Avid and reported
I wondered if this was a risky operation but I hoped that theoretically if the machine had the resources for it than there shouldn't technically be any reason that you couldn't run both avid and metafuze at the same time while transcodes were running. I found an avid support file this morning that says not to do this with Avid DS specifically but nothing else. I'm working on MC6.5