The complex answer is:
In
SBuilder for FS9, yes ...but via a convoluted multi-step process
IF, IIUC, your goal is to end up with:
* a
low resolution LOD-8 terrain mesh
* relatively
low resolution 1.2 Meter/pixel textures (same resolution as FSX
default land class ground textures, BTW

)
CAVEAT: Those textures are mesh-clinging
only for that custom terrain mesh output by SBuilder for FS9.
SBuilderX does have the option to capture aerial imagery tiles which can then be compiled via FSX SDK Resample into custom photo-real land class textures (packaged inside BGLs with 'placement' code) ...that will "mesh-cling" /drape onto any FSX 'format' terrain mesh.
Also, the aerial imagery
BMP tiles SBuilderX captures in its source data folder are Geo-rectified with a accompanying "world" ASCII TXT file, and can also be applied manually as textures onto 3D models if desired (
subject to applicable licensing with the tile server entity "if" distribution to others is under consideration).
SBuilderX does
not currently offer the option of capturing online elevation data, or output of an INF file ...for use in making terrain mesh.
Bearing in mind the potential impact on FSX run time performance that a very high resolution terrain mesh (2.4 meters or better) may have on the smoothness of flight dynamics and maneuverability of the end user aircraft when flying in a
high speed "race" mission, it is IMHO a good idea to instead consider use of a textured 3D model for the object of interest ...rather than a terrain mesh.
AFAIK, that may offer the best balance between detailed display of the object being developed, and its impact on FSX run time performance.
FYI: One could perhaps utilize the (very likely public domain) 30 to 90 meter Google terrain mesh captured by Sketchup via the Geo-locate feature, or a custom terrain otherwise imported to Sketchup, and then apply a higher resolution custom texture material.
Perhaps a review of Taff Goch's excellent downloadable
Terrain Texture Tutorial might help clarify this option:
https://3dwarehouse.sketchup.com/model.html?id=7b8a0bd3d848e985e523d8740930d7f9
https://3dwarehouse.sketchup.com/collection.html?redirect=1&mid=2ff3fe050d0f83a549a70958796b8e8
One might extrapolate from looking at Taff Goch's "
Terrain Texture Tutorial" inside Sketchup 6 or later, that if one orients the comparatively
lower profile "side" (wall / face) of the "El Capitan" 3D model surface intended to receive the 'draped' texture in a position located directly
below that projected 'source' 2D texture plane, it is possible one may even be able to achieve the drape in a
single operation.
This "lateral approach" may allow achieving a texture drape without incurring the "excessively stretched rubber-sheet" effect which might otherwise occur when the texture is draped from the real world top (vertical / skyward surface) 3,000 feet downwards to the base of "El Capitan".
IMHO, that's way too many meters in elevation to drape a texture onto when the surface is nearly vertical, yet it is what happens in the "top-down approach" (even when a 'slope' texture is used) as textures are draped in FS onto the terrain mesh tiles.
Imagine how distorted and un-useable the textures would be in Google Earth / Google Maps "Street View", if textures were draped 'top-down' onto the vertically-oriented side panels used to create that '3D world view' !
If necessary, one may try performing the texture drape via a multi-step process with different aspects of the object's side wall(s) facing the 2D texture plane from which the texture is to be draped, and "hiding" faces not currently being draped in between steps in the draping process.
You may find that Chris Fullmer's "
CLF Vertical Line Tools" Ruby plugin script for Sketchup may prove helpful with the workflow used in Taff Goch's '
Terrain Texture Tutorial' above:
http://sketchucation.com/forums/viewtopic.php?p=134132#p134132
Hope this might simplify your task !
GaryGB