Having attempted this before with crown molding, my answer is no. The paper and the hook/loop does not handle sharp corners and crevices very well and will round them over ruining the lines of your molding. You could do the cove and bead profiles separately but with 1000 ft of the molding, it is a lot of work even with the LS-130.
For a power option, if you have the right equipment, I would be looking at a custom sanding head such as offered by Turbosand. Alternatively, the manual option would be a shop made custom scraper.