Quiet forums here. 
My continuing exploring/hacking/playing this weekend, with lots of coffee, says the answer appears to be "Yes, but..."
- Yes, Schools Edition can do NC, but there is almost no included documentation on how to use it.
- Also it appears only 3, 4, 5 -axis milling operations are possible. (I don't see how to do any NC lathe functions.)
- Oh, and you need to define how your mill works so Pro/E can figure out how to do toolpaths. It appears PTC has a library of machine definitions, but it's behind that locked door of Premium Paid Support, so good luck with that.
- There is a help system, but it is written in generalities, with no simple step-by-step tutorials.
,
Is there more PTC Academy tutorial material available for doing NC, like you have to do to get the initial product licensing?
I split the mill definition question off into a separate post/thread:
*.GPH for Intelitek spectraLIGHT 0200 Mill ?
http://communities.ptc.com/message/160059
,
It looks like there is a long ways to go to do much of anything, from looking at several tech tips videos on PTC's website.
... so I have to model the milling clamps and spindle head before anything else, so the toolpath generator knows to avoid them?
Also I see hints about a "post-processor", which is what I assume builds the actual G-coded output. The specs on the above mill says it is compliant with various NC encodings, but I have not gotten far enough with just the toolpath generation to even touch that.
I know some about NC milling, though I am not a trained expert as such. I do know enough to do a test run at low speed with my hand over the E-stop, in case the toolpath was done wrong. End mills can be expensive to replace... 
