yes, i think you just have to enter the proper uv-set in the "map input" panel of the material's textures.

when i tried to display lightmaps in blender's viewports a while ago my problem was that i couldn't achieve a modulate2x like gamestudio uses for lightmaps. blender's multiply blending mode is the equivalent of direct3d's modulate.

but i am no expert about blender's material system. i find it quite confusing. it's the area where i agree with all the blender gui criticism.