From what I have tried, no, this is not possible.
I have tried making 5MB archives and then pausing the operation. The pausing of the operation pauses the archiving like it says, but the file being archived is still in use, so this is only useful if you need to cut down on CPU usage. It is not possible to power off the machine, remove a device with the material being archived on it, etc.
If you try to cancel an operation there is no way to resume (again, from what I have tried so far) the operation - you have to start from the beginning again, as it will try to overwrite all of the previous volumes created.