You certainly can, I just did it this weekend. Essentially you set up Max to “Render Elements” and choose your elements. It’s important to note that Max still has to render the file, so it is not quicker, in the literal sense, to render the elements. That is; if you just want a shadow element, Max still has to render out the whole thing and gives you the full colour version + a shadow. The thing is, it doesn’t really cost any more rendering time to do the elements, so you may as well!
Gives you much, much more control over your composite work in terms of colour correcting/effects. I pretty much do at least diffuse, shadow, specular and z-depth for all renders now and bring them into combustion for post. They look 100% better after a bit of fixing up.
The advantage of RPF file format is that it works hand in hand with Combustion. It provides more information than standard files, such as velocity, G-buffer etc which can be used by Combustion to do 3D post effects, such as 3D motion blur.
Also, in the Render Elements tab of the Render Dialog you can choose to output to a combustion workspace, so all your separate elements are automatically arranged nicely 
Keep in mind that different elements need to use different transfer modes when you lay them on top of each other. For example, the specular layer is usually layed over the top in “Screen mode”