No, bulk edit doesn't import users, only edits existing users.
The current import tool found in the unity program group or tools depot should be able to do what you need it to. The only piece of data that has to be provided is the extension number of each subscriber and then you can import everyone in Exchange in one shot. The Import tool pulls the default extension number to use from the Business phone field in Exchange. If you want to get fancy, you can shove that data into Exchange via CSV first and then the bulk import of standing users in Exchange is a one step process.
Here's a post that goes into the details of how to prepopulate the business phone field in Exchnage via CSV:
http://forums.cisco.com/eforum/servlet/NetProf?page=netprof&CommCmd=MB%3Fcmd%3Ddisplay_location%26mode%3Dnew%26location%3D.ee83484/0