It may, but it doesn't seem like the system reads the macros line by line. It appears that it reads all of the commands simultaneously. A perfect example was a macro I tested to see if I could fool the game. The macro looked like this:
1. Equip item: Buckler
2. Use Ability: Buckler Reversal
3. Equip item: Tower shield
As soon as I clicked the macro, I had my original tower shield back in the secondary slot. It didn't even fire off the buckler reversal. It just gave me the "You need to have a buckler equipped in your secondary slot to use this skill" line. That being said, it can't hurt to try.
Edit: I thought of a possible fix. If you use Stugein's idea, but substitute using an ability instead of a command line, you may be in business. The second ability in the macro will queue while the first one is firing and may provide the pause you need. Let us know how it works.
Edited, May 14th 2007 9:07am by Mearyk