Yes I suppose it will, but not very practical for my needs.
I just happen to do a search for "USB IR receiver Mac" and found the site
http://twistedmelon.com/mira/hardware.html
They sell a product called Manta TR1 which is a USB receiver and their software " Mira" which allows the original Mac IR remote to work with their IR receiver.
I bought the package deal (software and IR receiver for a total of $37.98 including shipping. You download the software from their site and the send you the key once you pay. The IR receiver will be shipped to me.
I have high hopes that this will restore all the functionality I enjoyed with my IR remote that came with my 24 inch iMac. The software "Mira" actually expands on the original functionality and add some user assignable customization. I will post my impression as soon as it arrives and I have time to test it.