Ron, Not really. There is a clunky work-around for using Edit In. Here are the instructions http://www.aevansphoto.com/ixt-lightroom-plugin/
Isn't this essentially the same as what you need to do whenever you configure any third-party application to work as a Lightroom external editor? It looked that way to me.
I've found what I believe to be a minor bug (visually annoying but not functionally pathological) in the entries that are inserted into the develop history by X-Transformer when it is invoked from Lightroom, and reported it today to Brian Griffith, the author of the Iridient software. But as far as I can determine, after admittedly limited testing, the demosaiced file is basically what you would expect.
The tricky part of using any third-party raw conversion tool as part of a Lightroom workflow, it seems to me, is deciding how to strike a balance between using the external product's processing capabilities and Lightroom's. I like the way the Iridient pipeline handles fine detail, but other than that I prefer to use Lightroom's controls. The ideal output file from my perspective would be similar to the DNGs that Lightroom's Photo Merge
tools emit: for many purposes, including color balance, you can treat them as raw files. (E.g., even though they are demosaiced "linear DNGs," they are still scene-referred.) I think that's what I'm getting with the X-Transformer product, but I need to do more testing.