No, trapping and overprinting is an object (not a color) attribute. You could do it via scripting. If you are using OSX I have an AppleScript, which gets everything but tables.
Yes i am using OSX 10.7.5 Where is this AppleScript. ?
Open this zip archive and copy the script to your scripts folder
Make sure you test it to make sure its doing what you expect before using it in production. Also communicate with your printer—some printers will override object overprints.
When you run the script you'll get this dialog where you can choose overprint or knockout and then any existing color swatch:
Will give it a go. Will do testing first.
Should save a lot of time.