The short answer is yes, yes you can. However doing it for the SD card adapter can be a bit of a pain. The problem is that when you save the file from the VMU to your SD card dreamshell will only save the raw file and not the vmi+vms file combo.(For example: Marvel vs Capcom 2 save file will be saved as 'MVLVSCP2_SYS') In windows you can just rename that file to whatever + .vms as the file extension so you have the vms file. Unfortunately you will need to rebuild the .vmi file to go along with it. I use a program call vmutoolpc to accomplish this. I believe it can be obtained from the
Blue Swirl website. If you have a BBA you can use my tutorial dan1234 linked to and you won't have to go through any of that nonsense.
Once the save file is on the PC and you have the vmi+vms files you can use the vmuexplorer program which can be downloaded from my custom vmu icon tutorial
HERE. You will just need to open the memory card .bin file from the emulator. NullDC uses a file called 'vmu_data_port01.bin' and Demul uses a file called 'vms00.bin'. Once opened you can import the save file from your PC.
If you still think this is not too much effort and have questions let me know. Cool thing is once you get the hang of it you can move your save files from the EMU to the DC depending on where you're at. If you think this could use a full tutorial with pictures and everything I will see what I can do.