Only way i know that you could simulate that would be making a plain and render a texture using your shader then map our modle with the texture however the light would be static on the texture and not truely effect the model in realtime like a shader would. It would not look nearly as good as a realtime rendered shader in most cases.
I have done this in dbp (never tried it with fpsc) with some models sometimes the texture will work out ok, but usually it looks like crap and no where near the quality of a realtime shader effect but you could try it.
It may be possible to use shaders in fpsc though the effect bank contains all the shaders, and your fpe files script what shader to use you may be able to add a shader in the bank and point to it with the fpe but i have never tried it so it may not work at all and don't know if its possible to call more then one shader effect on a object at a time.
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