yes. same process as what you did in your first post.
and make sure you already had generic 2.1 and 2.3 downloaded and copied into C:\Flashtool\firmwares folder. you should see identical files below when you open flashtool, clicked on thunder icon (utmost left button) and chosen flashmode.
then connect your phone in flashmode when prompted (phone turned off, pressing back button while connecting USB cable).
- flash generic 2.1
- root, if not rooted (you can hover your mouse on every icon to identify each)
- unlock bootloader (clicking Plugins-> bootloader ->run)
- install recovery (cross icon), you can install both 0.3 and CWM5. if you want to.
- flash generic 2.3
- flash FXP kernel
on this part, I assumed you already had your CM7.2 rom (.zip) on your SD card.
- boot into CWM recovery (via flashtool or pressing volume down button when blue lights on during kernel boot)
- in CWM recovery mode, make a factory reset. format system in mounts and storage.
- mount data, cache, system, sd-ext (you should see "unmount data" and so on...)
- install .zip on sd-card, and choose the rom in .zip file.... wait for installation.
- reboot, if everything goes right...congrats! you already had a custom rom installed...