No, dynamic connections cannot be used with ASP / VBScript.
the trick I use is to first define the connection to connect to the remote database, upload that to the server and test it to make sure it is working on the remote server correctly. Once the connection is working on the remote server, use an FTP program like FileZilla to connect to your remote server, right click the connection file and remove the check from all 3 users for write permissions. This makes the connection file on the remote server read only.
Now in Dreamweaver edit the connection to connect to the local database.
If dreamweaver tries to upload the connection again, it will fail because the connection on the remote server is read only.