No, a bookmark is a complete storage of the entire current list of songs, along with the position within that list.

By being able to turn a bookmark into a playlist at emplode-time, you would effectively be making a "create permanent playlists on the fly" feature. You could build up a list of songs with inserts and appends, then be able to turn it into a real-live playlist when you got back to your PC.

Of course, if you had that, someone would suddenly want a deletion option from the front panel. Can you say feature creep?