It sort of works
It works halfway. The iLife '11 apps never showed up the App store "purchased" list on the main partition. I used the recovery partition (or maybe this wasn't necessary if it was the hardware ID apple needed) to create a new OS X install on an external drive. That fresh new installation's App store showed the iLife '11 apps as downloadable.
Once the iLife '11 apps were downloaded, they also showed up in my main partition, but they were greyed out as "Installed." They could not be downloaded or installed onto my main partition. Of course, copying the apps from the external drive to the main partition works, but you're left with nagging feeling that it's not the proper way to do it.