Yes, definitely.
What you need to do is highlight the faces that you want attached to each texture (i.e. just the yellow faces, or just the orange faces) and then planar map them in the TCE from the direction of the texture. Then, take the sections you want from each of your images and stitch them together in your paint program into one big image to overlay the areas you mapped in the TCE.
I made this set of videos a while ago of me doing almost the exact thing you describe to a car instead of a dolphin:
http://www.inivis.com/forum/showpost...53&postcount=1