As far as I know, yes, OpenVG can support all the rendering states possible in SVG tiny (all the path styles, stroke styles, end caps, join styles, dashing, blend modes, paint types [i.e. gradients], etc). With the exception of group opacity, and a few obscure blending modes, it can support most of the regular SVG spec too. (Disclosure: I’m not as comfortable with the SVG spec as the OpenVG spec)
Word of warning - it is not a simple 1 to 1 XML -> OpenVG API translation in some cases, and some work will need to be done. You’ll probably want to use support libraries like FreeType to help with font loading, and any scripting and animation from the full SVG spec will have to be handled by your application. There is a bunch of internal state you will also have to manage, like matrix stacks and managing the various paint and path objects used by OpenVG. OpenVG just handles the rendering - nothing more.
That said, you probably want to be using OpenVG 1.1 instead of 1.0 - for 2 reasons. First is the much better font support, and the second is an issue with how dashing was handled for multi-section paths that was incompatible between SVG and OpenVG. A flag to allow the SVG style behavior was added to the newer specs (I think it’s already in OpenVG 1.0.1).