Yeah, it's pretty simple, as far as I know most of the cheats carry right over with no problem. I use R4CCE to edit the USRCHEAT.DAT, it's just a simple task of creating a new game with the Volt/Blaze game ID and copying over the respective cheats. If you poke around a bit, it's pretty simple to figure out.
Here's the link to R4CCE:
http://hp.vector.co.jp/authors/VA013928/soft_en.html
And even though it's named after R4, I'm pretty sure it'll work with most cards.
Here's the updated USRCHEAT.DAT with only Blaze Black 2 codes added:
http://depositfiles.com/files/wj6wvhgtl
Excuse my shitty choice of filehosting.
Edit: Added updated USRCHEAT.DAT