Sure will - it works just like a regular cake. Here are two I've done:
http://www.cakecentral.com/modules.php?name=gallery&file=displayimage&pid=59082
http://www.cakecentral.com/modules.php?name=gallery&file=displayimage&pid=59079
It works great! Here is one I did...
http://www.cakecentral.com/modules.php?name=gallery&file=displayimage&pid=1185702
I'd say atleast 90% if not more of the cupcake cakes I have done have had FBCT on them. 
I have never done a FBCT or a CC cake! I've been wanting to try both. Sunday is DS's birthday, so it's an event for family, which is always a great opportunity to try new things IMHO. Any tips/ secrets to icing the CCcake? I am thinking of using a huge tip...squeezing icing on thick...smoothing using spatula and not too much pressure. Hope that's the right approach.
The key to cupcake cakes is to have your cupcakes as close together as possible. I use a dab of icing under my cupcakes to hold them in place for me.
The cake icer tip will be a great way to get your icing on there. I usually just throw the icing on and spread it around.
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