While it is possible to create multiple LOD models with available tools i doubt it would be worth the trouble.
You would have to create a separate model for each LOD and export to multiple .cmp files. You would then have to rip the VMeshData and VMeshRef segments from each of your .cmps and import them into your multiple LOD .cmp as separate nodes under VMeshLibrary. Each .3db -> Multilevel -> LevelX node would then have to have the corresponding VMeshRef segment imported into it. The only part you would actually have to steal is the 'Switch' node (or similar) because AFAIK this has not been documented. However alot of .cmp nodes are redundant so this might not be a problem.
Each model must have a different name for its first group. Something like MyShipHull_lod1, MyShipHull_lod2 etc would be fine. These names must match the names of the nodes under VMeshLibrary - basically as you imported each VMeshData segment into the new VMeshLibrary nodes you would also have to paste the original name of the ..........lod0.vms node into your new .cmp.
Lots of trouble, little effect