It can.
Get ModelConverterX and a trail version of 3DS Max, import the 737's VC into MCX and export it in .x format. Get XPorter (a 3DS Max plugin), install it and import the VC's .x file into 3DS Max.
This what you'll get:
Granted, it doesn't look like much, BUT(!) you have the hierarchy, parts and texture mapping intact! This means all you have left to do is recreate the materials based on the already present cockpit textures from the default 737, make your modifications to the main, overhead and pedestal panels to downgrade the 'pit to 737-200 standard, recreate the animations and tag them and move everything to the correct position in relation to the 732's shorter fuselage. Then export, check and look whether you can implement any gauges (from HJG's 737 panel for example).
The result: A 732 cockpit made with as little effort as possible.
Thomas Ruth is working on the 727 at the moment, whose VC model might also be a good starting point for a 737 VC.
I'll try to get something coordinated there.