NO. here is the information from http://support.microsoft.com/default.aspx?scid=kb;en-us;885152
an excerpt below...
Exchange 2003 provides a set of filtering features, which are also used to reduce UCE. These features are sender, recipient, and connection filtering. Each of these Exchange filters is checked during the SMTP session, when a connecting SMTP server attempts to send e-mail messages to an Exchange server. Intelligent Message Filter is applied after the SMTP session. Any e-mail messages filtered by recipient, sender, or connection filtering are handled individually and do not go through Intelligent Message Filter.
On the client side, Microsoft Office Outlook® 2003 and Microsoft Office Outlook Web Access for Exchange Server 2003 allow users to create a list of safe senders from whom they always want to accept e-mail messages and a list of blocked senders from whom they always want to reject e-mail messages. At the mailbox store, regardless of the SCL rating assigned to the message, Exchange delivers all messages from safe senders to the user's Inbox and all messages from blocked senders to the user's Junk E-mail folder. However, if the e-mail message has been blocked by the gateway threshold, it is not delivered to the user's Inbox because it is never delivered to the mailbox store.
If a user is running an earlier version of Outlook, the safe senders and blocked senders lists are not available. Any message marked as spam is delivered directly to the user's Inbox.
Note
If your users run an earlier version of Outlook, but can use Outlook Web Access 2003, they can configure safe senders and blocked senders lists in Outlook Web Access.