Yes and no...
the distance and opacity and size you'll have to tweak prior to using the action... after you've gotten it the way you like it, then you'll run the action on it but won't be able to tweak those numbers anymore... and you'll only be able to adjust the color, opacity, blend mode or use the smudge tool
my recommendation is to do the whole layout the way you normally would, with all the shadows the way you want them... then highlight all the layers that you want to tweak and run the action... after you've run the action, change the blend mode to linear burn or whatever you want... I think Sheri uses Multiply... and then for the 3D things like strings and curly ribbons and flowers and leaves, you can play with the smudge tool to make them stand out a bit more