The concept, yes, but isn't really popular on ARM as it uses quite a bit of memory, which is often not in abundance in the embedded world. There were pioneering attempts on ARM (not the 'real' psyco, that one is i386+ only), but I have no idea what phase did they get to.

Also, for tricks using preloaders: Please consider what that does to memory - keeping GTK and/or QT bindings in there is quite a burden, think it through before you commit to such a thing.