Lot's of "you can do this" and "or you can do that" in this thread to attempt a poor mimic of scheduling. Seems very common in these forums.
The answer to the direct question asked is simply No, as stated by one person. If the SEPM is to be the source of updates for your endpoint it cannot be scheduled. Likewise with a GUP.
Scheduling is only supported when you point machines to Symantec's public servers on the Internet, or a LiveUpdate Administrator server. The former wastes WAN bandwidth (or may not be permitted), and the latter requires extra infrastrcture and creates further management. To an extent it's supposed to be "set and forget" but hungry for storage more so than a SEPM and is far from bug free, Regular failures occur requiring intervention.
The whole limitation in SEPMs and GUPs is due to the nature of the SEP design. I've commented to Symantec product mgmt reps that this behavior needs to change, and a syncing option needs to be added as an option. Allowing a GUP to sync with its SEPM, and you now have the ability to allow scheduling, because the GUP no longer needs the SEPM to tell it what it needs to obtain on behalf of the endpoint. Or re-worded the endpoint now no longer needs to rely on the SEPM to calculate and create the deltas that the GUP then needs to obtain.
However, Symantec are clearly hesitant to allow this, due to the size of their updates. The entire signature size limitations and complexity of Symantec solutions is what limits their ability to improve on this distribution architecture. For the same definitions you have SO many packages. One for 32-bit, one for 64-bit, then other platforms, then certain SEP versions, i.e. GM, RU2, RU4. GBs of daily data for large enterprises. It's crazy. Other vendors, the same definitions regardless of product of platform.
One hopes for some great advances in future major releases.