No it will not because to get rid of the jailbreak leftovers, we have to delete everything. Make sure you have all the data on your computer, and email notes to yourself. All data will be lost when you restore. Be sure to click do not restore from backup or your jailbreak information will still be present but unusable.
That is partially true. The jailbreak stuff will seem to disappear(apps won't show up anymore, themes will be gone, etc), but it will still be present in your iPod's memory, so you will lose disk space.