I am pretty sure you can publish whatever weird content you like and as long as it contains valid TCDL/REL it will be parsed by Content Delivery before returning it via the ComponentPresentationAssembler or Page equivalent. I think the output format of the dynamic template must still be REL though - its no good setting it to Text or XML, putting some TCDL syntax in there and hoping for the best...
Be careful though, this does not necessarily mean that REL necessarily be used in any output format. For example I had the idea to use REL in some JSON DCPs, however this did not work as links are always output as HTML, so I would get a nasty <a href="blah">link</a>
in the middle of my JSON.
For this I would have to create my own REL tags which output just the link URL, but even this didn't feel 'right' as the un-processed JSON I was publishing could not be valid JSON, as the REL syntax is XML, so in the middle of my JSON I would have things like <tcdl:LinkUrlOnlyLink ../>
... yuk!