Wirelessly posted (Mozilla/5.0 (iPod; U; CPU iPhone OS 4_2_1 like Mac OS X; en-us) AppleWebKit/533.17.9 (KHTML, like Gecko) Version/5.0.2 Mobile/8C148 Safari/6533.18.5)
If you have a Snow Leopard boot DVD, boot from that and click Restore From Time Machine and select a version before you installed Lion.
In other words, yes.