Yes, it can be done easily, if what you are wanting is what I understand it to be. As an example, here is what I did for that:
Code:
$templater = vB_Template::create('boofo_forumhome_event');
$templater->register('callink', $callink);
$templater->register('daysevents', $daysevents);
$templater->register('eventdate', $eventdate);
$templater->register('eventdates', $eventdates);
$upcomingevents .= $templater->render();
$vbulletin->templatecache['forumhome_event'] = $vbulletin->templatecache['boofo_forumhome_event'];