I'm sure it does work on them if you culled it from the new template. I'd better be able to get it to work because as of the next version, U and V shifting is out of the engine:

Quote:

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The undocumented texture shifting by u,v parameters was discontinued for models (it still works for sprites). For texture shifting apply the fx_uvspeed action from the mtlFX template, which is faster and easier to use than u,v parameters. The uv shifting effect also works with the Standard and Extra editions.

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I suppose I could always just do it with the texture itself and use a filmgrain sprite instead of a model.