Yes, it will be possible in the nearest FlyGrid.Net update:
You should override LookupListColumn.PrepareLookupNodes:
protected override NodeBase PrepareLookupNodes()
{
VirtualRootNode lookupRoot = base.PrepareLookupNodes() as VirtualRootNode;
lookupRoot.GetNode += new GetNodeHandler(GetNode);
}
private NodeBase GetNode(NodeBase sender, int position)
{
// here you can provide custom drawn node, as work in the virtual mode -
// see the Virtual Grid sample for the different ways of custom drawn nodes
// usage
}