SRST doesn't support MGCP but does support MGCP to H.323 failback. You can still configure your router/CCM with MGCP then use the fallback commands for MGCP.
Looking at the SRST 4.0 system guide, page 42, T1 CAS is supported. With your version of IOS you would be running SRST 2.1, this is also supported.
http://www.cisco.com/univercd/cc/td/doc/product/software/ios122/122newft/122t/122t15/srst21/srstv21.pdf
http://www.cisco.com/univercd/cc/td/doc/product/voice/srst/srst40/srst40ad/s40sa.pdf
The ccm-manager fallback-mgcp command was added in IOS 12.2(11)T so it should be in your version. This is what you would need to do MGCP fallback to your H323 along with the call application alternate default.
http://www.cisco.com/univercd/cc/td/doc/product/software/ios123/123tcr/123tvr/vrht_c4.htm#wp1061367
http://www.cisco.com/univercd/cc/td/doc/product/software/ios123/123tcr/123tvr/vrht_c1.htm#wp1670149
I would say it might be possible as I don't see anything saying no. Though remember MGCP fallback to H323 over SRST doesn't have call preservation.
Lastly here is a document on the SRST MGCP/H323 fallback.
http://www.cisco.com/en/US/tech/tk1077/technologies_configuration_example09186a008012ecc6.shtml
Please rate any helpful posts
Thanks
Fred