Nope. Mk MDLC.exe it self works but the underlying MDLC.exe is a 16bit program and can't be ran natively in 64bit OSes.
The only know workaround is to mount MDLC.exe in DOSBox and run MDLC by command line or pre-made batch files that execute command line. The below setup I made is likely your best bet. It has DOSBox and some pre-made batch files to convert aircraft to CFS2.
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