It's definitely possible, but it's not really an s2member thing and I'm not aware of a Wordpress plugin that handles it so it would likely require custom code or at least custom page templates.
I show logged in and out users a "My Account" link and if you're logged in there's a hover dropdown.
I can tell you what plugin I use if that's what you're after.
At one point I used s2's ccaps, but for my use case it eventually made more sense to split them all off on multiple sites. For me it avoided customer confusion and increased sales.
Your use case is probably different. I'm just saying I never had to solve that.