Hence, the question. (The only information I can find about MI is with regards to allergies.)
Yes, MI/MCI can behave as a bacteriostatic at low concentrations.
Check out table 1 in this paper: The Mechanism of Action of Isothiazolone Biocides. For a bunch of different isothiazolones (including the two you're interested in, though they call them MIT/CMIT instead of MI/MCI) it gives the Minimum Inhibitory Concentration (the concentration at which the isothiazolone acts as a microbiostatic) and the Minimum Biocidal Concentration (the concentration at which the isothiazolone acts as a biocide)*.
It's my understanding that basically everything that can act as a bacteriocide can also act as a bacteriostatic at a lower concentration. At low concentrations bacteriocides will kill some cells while leaving others alive in a stochastic (ie random) fashion. At some concentration this stochastic killing will balance out with the natural growth rate of the bacteria, and so thus act as a bacteriostatic.
*It should be noted that the paper lists these values for isothiazolone activity against yeasts, but the results would likely follow the same trends for isothiazolone activity against bacteria, since "CMIT/MIT has broad spectrum efficacy versus bacteria, algae, and fungi" (from the above cited paper).