yes, it will work, but again, you have to do stuff like "export as ..., then import into another program, than export from that program, dowload one more program, import into 'one more' program, then export as ..., and import that, export this, import this, but don't forget about this and so on..." oh my god.
I think your over thinking it, you make your level in Blender export as a .map use crafty to convert to a .vmf and you can then finish the level off in CS.go hammer
The problem is that Blender can't export .map, I can't find script
UPDATE:
i found script! http://graphicall.org/643
Thanks for help!