Nope, installer wont work unless you run a reversioner making your installation claiming to be 10.7.0 even though it isn't.
There is no need to bother with tricking a Mac already running 10.7.2 BETA3 into 10.7.1.
First of all the reversioner doesn't do the trick on many systems, both my MacBook Pro 17" 2011 model and my MacBook Air 13" 2011 model got corrupted after running the reversioner for the latest 10.7.2 BETA release followed by running Software Update with 10.7.1.
So if your already on 10.7.2 and want 10.7.1 you should roll back to 10.7.0 first by doing a recovery from a TimeMachine backup or simply re-install Mac OS X Lion from scratch.
Secondly it seems like the latest (11C37 aka BETA3) version of 10.7.2 released a few days ago contains most, if not all these 10.7.1 fixes anyway. For instance my Finder version reports to be 10.7.1 while running 11C37 (BETA3) compared to 10.7.0 with 11C35 (BETA2).