You'd probably have to make a duplicate of all the files referenced in it, rename them, and reference all the ships your custom factions use; but it should work.
Stupid question, but where's the file located I'd need to copy and edit? I've looked in Data\Scripts\AI and the PerceptualEquations folder, and not found anything I've not already either edited (the InfoGalEq* and OffSpEq* files) or ruled out (OffLandEq*).
*Names abbreviated.
You should probably check the SpaceMode AI LUA files out, see if you need to add your units (or possibly factions) to the files.
The only file I've got in SpaceMode (assuming you mean the Data\Scripts\AI one) is something called TacticalMultiplayerBuildSpaceUnitsGeneric. which as far as I can tell just says what the AI can and can't build in Skirmish scraps.