I haven't ever try but think - no.
1) you need to edit all generated PHP files,
2) When you deploy FM PHP Assistant ask for web server. And here isn't option to choose outside web server. Probably you can make some tricky pont to outside server.
Why you need such option?
Low internet speed - the same low speed to exchange data PHP-FM.
Doubt about how many user can work with FM data at the same time? No problem - PHP isn't IWP. PHP connect to FM server on during data exchange. Connection is very short.
My client's ISP is giving them a hard time about getting a static IP address so they can host their own site - they want my client to use their hosting service (for more money, of course...)