How that will translate to POF, I dunno. The different facet type makes trueSpace designate it as a different material. Could that lead to the texture being loaded more than once in Freespace?
No, it works fine. In fact I just described the exact same technique to him in the other thread:

You take your texture, pick faceted/smooth/autofaceted (each different angle on autofacet will form a different smoothgroup), and apply it to the parts you want faceted/smooth/autofaceted. During conversion, PCS will correctly interpret the smoothings, but merge the materials back into one so you don't end up with copies of the same texture all applied to your mesh.
Expanding on Bizzybodys description and rewording my own a bit, when you use the paint brush to apply a material with a particular smooth-type to a particular group of faces, you can use the autofacet angles to differentiate between groups. For example, if you paint one group of faces with the autofacet angle set to 60, and another with it set to 61, PCS will interpret those two groups of faces as separate smoothgroups, but it will keep them as the same texture - it won't separate them into two separate textures that FS would then have to render one after the other.
Again though, it's always best to let the mesh speak for itself. Facet all the way! If you find you have polygon edge creases in awkward places, fix them instead of using smoothing to hide them. It will always result in far better lighting and give you a much neater model.