Security :: Encrypting Passwords With T-SQL That Will Be Decrypted By Asp.net Membership Provider

I have been killing myself over this for a couple weeks now and cannot find a viable solution. Here's my scenario:

I have a DTSX package that imports user data from an external database. It then creates user accounts and profiles in the local database. Users can also be created via a custom ASP.NET Membership Provider. The provider must be able to authenticate both types of users.

This was all fine and dandy during development because passwords were stored as clear text. However, now that we're ready for release the passwords format of the provider must be set to encrypted and so the users created via the DTSX must be created with an encrypted password. (I'd prefer the passwords were hashed but the client's requirements are that passwords be recoverable). The real problem seems to be creating an encrypted password within the DTSX that will be decryptable by the ASP.NET Membership Provider.

My original solution was to have the DTSX call a CLR stored procedure that had access to the same encryption logic as the provider. I got it working but our client wouldn't enable CLR integration. So that's out the window. Now I'm investigating alternatives. One alternative is to simply use the built-in encryption methods of T-SQL. But how do I share the keys used for the encryption/decryption?

My question is, is it possible to generate a password in T-SQL, say using EncryptByKey, that will also be decryptable by my provider? This means that the key in SQL must match the key in my machineKey configuration.