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I think the answer should be yes, but the MR314 makes this more difficult than it should be.
I take it you mean your dialup is on the desktop.
Normally to share dialup you would use a software router like M$'s ICS installed on the desktop. ICS runs a DHCP service and gives IP addresses to the NIC on the desktop and to the laptop via the MR314 switch. However the IPs that ICS will hand out conflict with the MR314's own default LAN address (192.168.0.1). You will have to manually change the LAN address of the MR314 to something else (say 192.168.0.254). Also ensure the MR314 LAN DHCP server is set to off. After that the MR314 is then just a switch for its LAN ports.
That should work.
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