Yup, I recon so. If you look in the VEX header file for the PBD granular code there's some functions already written for SPH type fluids - density estimate, lambda calculation, etc. I was having a look but work is distracting me now!
As for speed ups, I'm not sure. But it would prob be better than FLIP for small-scale sims where surface tension is needed for the look. And Nextlimit just added it in Realflow as 'Dyverso' and they claim major speed ups over previous implementations, so might be worth a look!