YES!

We had an application that was old and a number of its ‘working files’ referenced c:\program files\PROGRAM, but the new version of the app was c:\program files (x86)\PROGRAM

This was embedded in many of the older files that referred to this path directly

During the APP-V sequencing a junction point was created with

mklink /d  “C:\Program Files\PROGRAM”  “C:\Program Files (x86)\PROGRAM”

And when the package launches this directory is ‘linked’ for the users seamlessly, without affecting the underlying server or needing to create the junction point on the server outside of the package.