Yes the same as it works for other versions of Trainz, however it will still be in the large grid format, Transdem can now use the smaller grid I believe.
Take note that the tutorial is for an older version of Microdem.
Make sure you have the latest version.
You do not need to do the height conversion from Feet to Metres in the Minimum Maximum Elevation as it is now in Metres by default.
Plus you do not need to convert the images for use in HOG by using an external program as the program will now save in the correct format, just select TGA not BMP in the dropdown box.
One or two of the menus are slightly different but easy enough to work out.