It's possible. As I remember, shoutcast does more than just send the mp3 raw. It adds more data in the stream. All the empeg's going to do is send raw mp3 data. It's hard to imagine that your player wouldn't accept that, but I suppose it's possible.

And before you ask if adding shoutcast support is possible, not to put words in Mark's mouth, but no. It's a reasonably complex protocol, IIRC, and it's unlikely to be implemented. Can you try a different player app?