Is it possible to select more than one app icon at a time in Launchpad and then drag them to a folder?
This kind of operation doesn't seem to be available. Based on how the interaction between the waggling icons and the gui is, I don't even think it would be possible with a reasonable usability.
Apple has chosen to reproduce the same feel as it is on iOS devices so that everybody familiar with that - extremely easy, btw - workflow can achieve the same in Lion.
Multiple selection is not implemented in LaunchPad. A work around: Drag individual icons into a folder (to make the first folder drag an icon over another and drop). Then move the folder to the new location and unpack it.