It is possible, however you will have to make sure there is a set-property control event (after your managed code custom action do-event) that touches a property related to anything you want the UI to update. If you change a property value within the managed code, or via the wrapper InstallShield provides, the Windows Installer UI doesn't track the change and update in response.
So, for example, you could wire your return value to the property RETURNVALUE, and then add a control event that sets better named properties like MYCONTROLTEXT or SHOWMYCONTROL; the control or its conditions would be wired to those better named properties.