Indeed. It appears that this would work just fine without relying on C++11.

This feature is definitely something that I'll add to the library as soon as possible.

I've implemented the exception translation callback in revision 2481. 

void TranslateException(asIScriptContext *ctx, void* /*userParam*/)
{
  try 
  {
    // Retrow the original exception so we can catch it again
    throw;
  }
  catch( std::exception &e )
  {
    // Tell the VM the type of exception that occurred
    ctx->SetException(e.what());
  }
  catch(...)
  {
    // The callback must not allow any exception to be thrown, but it is not necessary 
    // to explicitly set an exception string if the default exception string is sufficient
  }
}

// Register the callback with the engine
engine->SetTranslateAppExceptionCallback(asFUNCTION(TranslateException), 0, asCALL_CDECL);

I decided to have the callback registered with the engine rather than the context, as Boost113 had suggested in his implementation. I figured the callback is related to the registered functions, and not the VM that is calling them.