Hi Naveen,
Yes you can use SCM GATP product allocations for configurable products. For this you have to use CBF table instead of field object catalogue. Also while defining the product allocation group the check box for "Use configuration characteristics" should be selected , once you do that in the F4 help for the characteristics you should see the characteristics for CBF table
For more details on CBF settings, pls see below link,
http://help.sap.com/saphelp_scm50/helpdata/en/83/39df3ac9ecc11de10000000a11402f/content.htm
Hope this helps.
Regards,
Kiru
