As a general aside, the SM3 world is not the BM world at all. So they can be the same character, but their history from BM will not carry over. I mean I don't remember any Dragons in BM, at least not yet 
Sure, it's the character concept I'd be looking at transferring. Phoebe's history shouldn't be terribly difficult to translate into a SpellMaster-world history; the core of it was basically a Faustian bargain that went south and a whole lot of anger.
