You haven't said what verson of MEP you're using, but I think the answer's Yes. Perhaps one of ProDad or Pixelan's products, or the integrated versions. Hopefully our resident expert on those, John CB, will be able to help.
Of course, you could alternatively simply use your text editor to create the image and import it. I often do that to make striking titles, usually with bevels of one sort or another.
If your MEP includes Xara 3D Maker then you can produce a variety of text effects with that, such as this:
There is no need for any plugins to create gradient text or text with a moving image within the letters
The principle is the same whether you use a gradient image or colour changing video to form the letters of the title.
In my example I have the following items on the timeline:-
Track 1 - a background image for the title
Track 2 - the standard title - text in white on a black background - font size increased
Track 3 - the letter 'background', in this example it is a video, you can use an image instead with a colour gradient on it.
The title has Chromakey Alpha applied to it and the direction arrow (see image) points downwards.
NOTE:
The title and its letter background image or video must be stacked as shown below.
if you have other video / images where you want to place the gradient title then the title and its background image / video must be on track numbers higher than any thing else.