Simple answer: no. As far as VirtueMart 1.1.6 this is still not possible.
Technical reason is, products order is saved in "product_category_xref" table. In other words, a product hasn't any "ordering" by itself, only an ordering related to a specific category. Now, since child products have NO category (they are only related to their parent) there is no way to order them without a significant rewrite of the code.
This is not going to happen in VM 1.1.x; we can hope this feature will appear in VM 2 (formerly known as 1.5).
P.S. if this is such a significant requisite, maybe there is a patch for it somewhere. A nice thing about VirtueMart, which many seem to ignore, is that there are a LOT of third party extensions out there, both free and commercial. I suggest a search on the internet.