Yes, each simple product within configurable one can have its own stock status, so you can apply any stock availability options for simple products. The same logic works with grouped and bundle products and their associated items.
If you want to use this feature in Custom Stock Status, please follow these steps:
1. To activate the rule, please go to: System > Configuration > Custom Stock Status
2. On General tab find "Activate rules for Quantity Range Status" and switc...