If you mean "can I use semicolon to separate the data from the two zipped multivalue fields ", then the answer is yes.
| eval mydata=mvzip(Field1, Field2,";")
Using the above on Field1 which has value...
Field1Value1
Field1Value2
Field1Value3
...and Field2 which has value...
Field2ValueA
Field2ValueB
Field2ValueC
...results in a multivalue field named mydata with...
Field1Value1;Field2ValueA
Field1Value2;Field2ValueB
Field1Value3;Field2ValueC
no it is not possible. This is the error you will get:
Error in 'eval' command: The expression is malformed. Expected ).