Yes it's possible via texture baking in most programs, but in general.....don't.
You combine the worst of both worlds - the hideousness of tile mapping with the high memory usage of a UV map. You can then put AO onto it, but IMO that alone does not save it.
The overall massive quality boost you can get out of UV mapping I reckon makes it well worth using over tiling, but at the same time it does mean you need to spend a much much larger amount of time on the textures, and that time spent goes up drastically with the UV map size, which goes up drastically with ship scale.
Sometimes you can get away with hybrid approaches as has been suggested, but those can be exceedingly difficult, and more often than not the overall result isn't spectacular. You sorta have to design the model for it I reckon.