The short answer is maybe. Our load testing was designed to test web applications. It works by simply playing back the recorded HTTP traffic without any processing (except for dynamic targets contained in cookies e.g. session id, user id, etc.). If your WCF service requires any processing by the client the load testing won't work correctly for you because Test Studio load testing can't handle any processing of the WCF data. However if blindly playing back what was recorded then yes it should work for you.
the Telerik team