Yes - in the "Low Trigger" and "High Trigger" edit boxes for your analog alarm states, you can hit "CTRL-Space" and choose other items for those alarm trigger points, effectively making the configuration dynamic. You'd just then have to do the plumbing to give your users control over those other points.
If you were using SQLTags, you'd have this nice goodie
already made for you that is expressly for the purpose of letting users edit tags' analog alarm states.
Hope this helps,