It's been a while since I looked at the parser hook, but I think the simple answer is "no" and the more complicated answer is "maybe, if you wanted to do a lot of work." I don't think the parser hook is called to handle the "prgm" token, which means that the OS will parse the program name as usual, decide that the program is archived, and throw an error.
You could, however, use the parser hook to completely replace the OS's BASIC parser with one of your own, which could support executing archived programs and whatever else. As I say, it would be a lot of work.