Basically yes, the Lensbabies are 50 mm tilt lenses. However the image quality won't be quite up to the standard of a real shift-and-tilt lens; there will be some serious fall-off of sharpness towards the frame's edges. Still, sharpness may be good enough for many applications when using a medium or small aperture. If you really want to try it, get the latest Lensbaby version which is called "3G"---it has the highest image quality of all Lensbabies (versions 2.0 and 3G are double-element lenses, original version is a single-element lens), and it can be fixed in tilted state which is useful, if not required, when shooting off a tripod. The other Lensbabies are meant for hand-held shooting only.
However the Lensbabies are not meant in any way as a replacement for serious shift-and-tilt lenses in technical applications like architecture, documentation, advertising, or product photography. Instead, their main purpose is catching dreamy and impressionistic images ... which they do fairly well.
-- Olaf