I'm inclined to say "no", but I'm definitely not certain. I have a modded Xbox and there's an override folder in the TDATA save folder, but I have no idea whether or not that gets transferred to the memory card as I don't have one.
Aren't the saves too large for a memory card anyway? I think you need another way to get them (ftp) off of there and remove the padding to get it small enough for a memory card.
Unless you've already got a save to use? Does it have an override folder in it?
[EDIT: It looks like StormSinger (
http://www.lucasforums.com/showthread.php?p=1628863#post1628863) (aka VoxAngel) was working on something like that quite a while ago. You could try a PM, I think he comes around once in a while.]