Yep. Artisans convert 1 hog to 1 meat and 1 hide every day, 1 sheep to 2 meat and 2 hides every day, and 1 cow to 6 meat and 3 hides every two days. That gives an average hide production rate of 4.5 per day. Each animal is considered a separate production, so they will operate independent of each other as long as they have the proper inputs on a given day. If they don't have enough of a certain animal or if the total cost of inputs is greater than the total cost of outputs, that specific production will not run that day.
If they have surplus livestock they will keep them in the market, where they will eventually either be consumed by the town or bought up by a caravan or npc.
If you're looking for other info on workshops you can look in the spworkshops.xml file in the Sandbox modules folder.
