Ive not used this, but it seems to me if the dongle is in place, then it should. The dongle is in between and transparent to the hardware I assume, which would allow all low level disk access to be performed.
 
In this case however I would guess the resultant data would not be encrypted anymore as ghost wouyld see the unprotected data.
 
However, I can't be sure, not used one.
 
If you wanna know what will happen, and not spend any $$ testing this, make an image using "Partimage"
It is a free drive imaging tool and uses linux as its engine. you can download a bootable ISO (~50 MB) that runs only partimage. Image away and see what happens.
 
Partimage will also let you do a true sector by sector of unknown filesystems too, so you culd also make an image without the dongle on it and have a protected encrypted image file that if someone restored the image to a drive they would be SOL, but would still work for you with dongle.
 
(I noticed ghost is rather weak with unsupported filesystems, even with -IA switch and "force sector copy" it would not image a mac drive for instance.)