It is not. The Final Cut Pro renderer can't be used across a compute cluster like that.
You
can run Compressor across a compute cluster. Depending on the environment and the configuration of the cluster, it might be beneficial. I've set up a cluster of one 8x2.8 GHz Xserve and two dual-processor G5s, and found that it was slower overall than just the Xserve alone due to the disparity in performance processor for processor between the cluster nodes. In other words, it was faster for the Xserve just to say "Oh forget it, I'll do it myself" than it was to hand out segments for transcoding and wait for them to be returned.
Setting up a Qmaster cluster isn't objectively difficult, but it's a many-step process. I think the Distributed Processing Setup manual that's available from the Compressor Help menu is a good place to go for specific instructions.