No. I tried it. I imported static geometry in WED and compiled some shadows and it is a mess.
Some free tools like IrrEdit do it without any problems though. Torque Constructor also can read my machines and render static shadow on top. I made a few images to show that in different forums like here:
http://www.gamedev.net/community/forums/topic.asp?topic_id=488848

But normal-mapping on top of this would be even better.