No, not directly because MonoGame loads the effects from a specific format with metadata about the shaders, samplers, techniques and constantbuffers in the xnb's. You can't just give it bytecode. If you want to integrate GS nicely with MonoGame you'll also have to edit the effect reading code as well as technique code, linking and probably some other stuff. You can maybe somehow hack it in if you have the GS in a seperate file and modify just the linking code.
I had some time to work on the GLSL stuff and I'm getting pretty close. Effect building is pretty far along, so it's mostly runtime stuff now. If you decide to implement GS so they integrate nicely, let me know! We could probably use the code when implementing the runtime side of GS.