That's certainly possible. It's more of a import to the database thing - not something the component does. If it would help, I could provide a list of the fields and tables used, then you could format your csv then use PHPAdmin or something to import it into the com_biblestudy db.
Keep in mind that there are multiple tables that reference each other. So in the jos_bsms_studies table, for instance, the field teacher_id is actually just an integer. The actual text is held in the jos_bsms_teachers table.
I imagine what you'd want to do is decide that teacher_id = 1 is your main person - so you put that in the csv, then you go in through the component and create Pastor Tim, or whatever in the Teachers tab as teacher 1. Then the component will know to assign that study to that teacher.
you might want to install the component, then go into PHPAdmin and take a look at the jos_bsms tables. Studies is the main one you are going to use in the csv import.
You can always PM me or use the contact author link and we can discuss this offline.
Tom