Yes it can. WIthout a script.
You will need
MGP's FileMask, 11kb (Cool...looks like it's been updated in the last couple months)
Step#1 Install the FileMask plugin.
Step#2 Edit the FileMask.ini file and add (under)
[DirMask]
cover=cover.jpg
- Now switch to your folders that contain your MP3 Folders. In my case, that is: X:\Audio\_Artist_
- Do a normal Search, leave the search for field blank.
- Search in subdirectories: all (Unlimited depth) --- {Or whatever depth you like}.
- Click on the [Plugins] Tab, choose FileMask from the plugin-list (make sure search in plugins is checked).
E.G.
- Do your search.
- Feed to ListBox.
- Do search again (from the Results Tab)
- Search in subdirectories: current dir only (important)
- Make sure FileMask settings are enabled, and [x]Search in plugins is checked.
- Search.
- Feed to Listbox.
The only directories listed in the 2nd and final ListBox will be the ones that don't have a cover.jpg file.
It sounds a little involved I suppose. But many things with TC aren't exactly streamlined, but they get the job done

It's really just a couple of steps once yer familiar with the Search Dialog.
Note: You might have to unload/reload plugins after editting the FileMask.ini - or restart TC.
Apparently, I'm missing a couple covers
X:\A_AUDIO_\_ARTIST_\Apocalyptica\2006_Amplified CD2\
X:\A_AUDIO_\_ARTIST_\Metallica\1991_Metallica\
X:\A_AUDIO_\_ARTIST_\Metallica\1998_Garage Inc. [CD1]\
X:\A_AUDIO_\_ARTIST_\Metallica\1998_Garage Inc. [CD2]\
X:\A_AUDIO_\_ARTIST_\Tori Amos\1999_To Venus And Back - Venus Live, Still Orbiting\
X:\A_AUDIO_\_ARTIST_\Warlock ( Doro )\2002_Fight\Doro - Fight Limited Edition Digipak\
X:\A_AUDIO_\_ARTIST_\Warlock ( Doro )\2004_Classic Diamonds\Videoclip\
X:\A_AUDIO_\_ARTIST_\Warlock ( Doro )\2009_Fear No Evil\