The short answer is no. Login configuration files are processed very simply using few functions and an XML parser (both the server login-configs and any dynamic configs are loaded by the same code).
The config files that you used subsitution in were probably services, which are handled by a completely different mechanism, the SARDeployer MBean, which is where the property configuration occurs (added in 3.0.5).
You could try to make a custom login module that picked up the system properties, directly or via a MBean (or add [lobby for?] substitution capability in XMLLoginConfig).