I answered on the Lwt repo first. For readers here:
Yes, but for now you have to pin [Lwt]
opam pin add --dev-repo lwt
Here is an example jbuild for using the PPX:
We plan to publish the jbuilder-based Lwt in OPAM in the next release, 3.1.0, ETA mid-late July.
Let me know if you have any trouble.
Thanks to @andrewray for the build system port.