Yes, it will work.
Make sure that both the ePOs are at same version and patch level and product extension build is same in the both the ePO server (Menu=>Server=>Extensions).
Sorry. I wasn't clear enough. I'm looking to import the policies on a standalone box. Not another ePO. Just a plain old system that is off the network. Need to import AV and HIPS policies and have them take effect just the same as if they were pushed from the ePO server.
Not sure if this is possible. Some one please correct me if I am wrong.
No afaik that does not work. Only product I know is Groupshield for Exchange 7.x.