You would have to edit and add tool comp but if your digitizing was small enough then it would give reasonable contours but may depend on the accel of your machine whether it would be too jerky in the many small moves.
There may be software that can take pointclouds and convert to code in the links section at the top of the forum, sure I remeber Rhino can create solids from pointclouds so if you had a 3DCAM it could use them.
As for