Yes. Vanishing point's Geomstripper works fine for extracting embedded obj from props saved to library. You still need to add a file path reference pointing to your external obj into the pp2. IIRC the tutorial on the site goes over all this.

I only say it works fine because I've read the site tutorial and heard it recommended numerous times over the years. Up until just recently I was a Mac user so I had to do all these things by hand in a text editor.

Now I use Netherworks python scripts for those things...

I don't use FBX so I can't really comment, everything I use is OBJ...

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