Yes, objcopy would work, too.
As a starter, here a link to a tutorial regarding this topic.
https://mcuoneclipse.com/2017/03/29/mcuxpresso-ide-s-record-intel-hex-and-binary-files/
> I've seen that with objcopy I can teoretically convert ELF to SRC Format but what I don't fully understand is how to tell to the resulting file that the BL should be in a given position in the FLASH and the Application in another position.
The S19 (SREC) and Intel HEX format contain both addresses and data.
These are basically human-readable text format files, that define both that target address and the data.
Since BL and application are in different sectors and thus different addresses, they don't interfere.
https://en.wikipedia.org/wiki/SREC_(file_format)
Although you might need to restrict yourself with the syntactically possible combinations of SREC/HEX files, because some flashing tools are poorly written in this regard.
While allowed by the SREC file format definition, I dealt with flashing tools that expected a fixed input line length, a fixed address size, and only ascending addresses.
The mentioned SRecord tool could deal with all this requirements.