Yep. For example, let's assume that inside WoW, F1 is bound to dps. F2 is bound to IWT. You want to press 7 with your finger for dps and release 7 for IWT. In the script you'd write:

Code:
 
<Hotkey 7>
   <SendLabel ...>
      <Key F1>
 
<HotkeyUp 7>
   <SendLabel ...>
      <Key F2>