Transcode in Media Encoder instead of Encore?

Hi,

I know how to Encode a project right from the Premiere Pro timeline into Media Encoder, but is it possible to Transcode in Media Encoder as well?

I ask this becaause when you go and burn a Blu-Ray Disc in Encore, it has to Transcode my main timeline. If I could Transcode it in Media Encoder after I Encode it, that should save a lot of time when I go and build a Disc in Encore 5.1

Thanks

Premiere Pro CS 5.5

Encore 5.1