It is certainly possible, but we haven't had the opportunity to focus on this area yet. I even think the new V2 should prove to be much better/more flexible in integrating into other websites.
I don't see why you can't already embed the imagevue2.swf into a custom site. I just think you might have to have the html container file in the same folder as the imagevue index.php because we haven't made a public "globalpath" parameter available yet ...
I will look into simplifying this and creating instructions on this later ...
you should be able to simply embed the imagevue2.swf file into another page, just make sure you forward the "globalpath" parameter so it knows where its "home" is. The globapath parameter must point to the original gallery folder.