ah now it's clear, sure that it's possible.
steampwd allows to specify the custom key when launched from command-line, and this key is exactly the concatenation of ProductId, MachineGuid and io.
so using the informations you provided in your example the command should be:
Code:
steampwd 4E9C683669D44DC3385DB60E5E4FC76062CE2AF32B55142FFE078A1DF4B5D29BDD1D3AA280C7D92BE5C57711E112 89578-OEM-7332157-00043d55672eb-4667-46c5-93be-d15ea3c794f21237137441
(which in your case doesn't work because the key or the encrypted string is wrong or incomplete)