Yes, while you can't add it to the VC you can have a 2D panel that at least gives you the ability to set a desired altitude.

I have put together a 2D gauge that uses the 727 alert gauge. It was necessary to modify the XML code because the 707 doesn't have the variables needed for the 727 gauge to function.

Just set the desired altitude then close the alert gauge. The gauge does not need to be visible to operate properly.

It works just as it should but uses the middle marker light as a visual indicator when you're approaching the set altitude.

And the alert sound works too!