Actually, I just found tonight that there is a way you can do this. It’s not a direct PPro -> Encore link, but it does take advantage of Dynamic Link.
The essential piece: After Effects.
Create a new AE project, and then import your PPro project into AE. It’ll go through some gesticulations while all the media is imported, and your sequences are converted into AE comps. One of the created comps (or THE comp if there’s only one sequence in your PPro project) will be your finished sequence. There’s going to be quite a few layers, since AE works horizontally vs. vertically like PPro. You might want to create a new final comp and nest the original one in it, just to make things a little neater. Save the AE project.
Now, head into Encore, and select Adobe Dynamic Link > Import After Effects Composition. Navigate to the AE project you just created, and select your comp that reflects your PPro sequence. It’ll appear in your Encore project as a DL’ed footage item. You can then create a new timeline using that as a clip, or replace the clip (your original exported AVI/MPEG-2 file) in the original timeline.
Seems like a few steps, but it works. It seems to me that the Dynamic Link capability between PPro and Encore is there–the switch just needs to be flipped on.
(PS: You can also start in Encore, create a new AE comp there, and then go through the rest of the above steps. Either way, you’ll get the same result).
Hope that helps!