Yes Robbie, but I don't think this mod supports different currencies, but I certainly could be wrong about that.
I did something similar to what you are suggesting but with accounts. Different accounts are charged different pricing, and the account number is defined in the sub-domain config file. However, this took a moderate amount of hacking on my part to make it all work. It was worth it for me because we create quite a few sub-domain stores this way. I don't think it would be worth the effort for you.
If you find this module doesn't support different currencies then I would probably suggest you don't use this module at all. I would just duplicate your zen cart database and keep it up to date with a nightly dump/import of the necessary tables (products, categories...etc). During this process you could modify the pricing so that it's accurate when it gets to the other store.
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