Sort of.
In this case I recreated the new profile I needed using Extrude Edge by Rails. I selected the quads option when prompted and then used QFT to map a texture.
I then smoothed the mesh thinking I had done what I wanted, but then found that there were a few mesh anomalies that prevented QTF from doing it's job properly.
Luckily I could just revert back to the quad faces, adjust the mesh and apply the texture again.
However I might not have spotted the mesh issue, saved the file and shut down SU. If I then wanted to change the mesh and unsoften it, I would then end up with unsoftened diagonals running across all of the quads, which would prevent me from reapplying QFT again.
Essentially it would be usefull to have the 'create quads' option from Tig's extrude plugin as a separate tool.
Do you know what I mean?