Short answer: if you're able to downgrade to 9.2 from there, yes.
Long answer: I haven't been around here much lately to know if memchunkhax has been completely patched in 10.7. That's something you should search around for and, if it hasn't, you should be all set from there. Or unless there's been a different exploit found that allows access to the arm11 processor, but if that were the case, I figure I'd have seen it somewhere by now.