I have a project task list and a lookup column "Document Deliverable" which i am trying create so it look ups multiple document libraries with the same column name "Name". This is so for each task users can lookup all the document libraries for the file(s) to be tagged to the specific task.
Well, the Answer to your question is NO. However, you can use multiple fields/columns from a single list as Lookup value in another List.
Based on my understanding, what you can do is to create multiple lookup columns. each linked to different-different Doc libraries. But beware of the Lookup threshold which says a Max of 8 lookups can be utilized in single list view.
Refer MSFT Blog