Multi-Bitrate streaming via my own FMIS -> CDN -> Client?

Hi,

Am looking at multi-bitrate feature of FMIS 3.5, but the current CDN that we are using is still on 3.0. Would multi-bitrate work if I had this configuration? FME (Onsite) -> FMIS (Onsite) -> FMS 3.0 (CDN) -> Flash 10 (Client).

From my brief investigation, it seems that multi-bitrate requires direct communication between the client & FMIS 3.5, hence am I right in assuming that the above configuration would not work?

Thanks and regards