Well... Yes it is possible and I played around with it a little...
It IS possible, but I don't know if it is advisable.
The problem is the "A_RotateSpikeball"-thinker. It only works if the state's duration is 1 and if all states follow back-to-back.
Usually you just take one state with this specific action that tags itself as its next state, so that you have an infinite loop. But if the object should fade after a period of time you need very many states in a row with the last one's next state set to 0.
And if I say very many, I mean HUNDREDS of!
I just tried to let the normal eggmissiles rotate a few times around him. I managed to let them do it 3 times and I used a fade in and fade out effect by giving the first and the last state 50% transparency.
Guess what, I needed 110 states!
So to create only one rotation you need 110/3 = ca. 37 states!!!
Even changing the object's speed doesn't do a single thing, because the duration of rotation always keeps the same so that it only defines the length of the radius.
Here is the testfile so that you can get an idea of what I mean... :-/
http://www.sendspace.com/file/4a1f7s