No, it would not. Something you may want to try is to possibly rename the file to something other than a .cpl extension. I haven't tried that but it may work. I also have a policy key which can remove the applet from control panel. Here is a copy of a .adm file which will remove the icons from control panel. Some of these are specific to pc's within my organization and this policy may have more icons that you have, just delete (or ignore) those keys. Copy the following to a text editor and save it as cpanel.adm and load it into your policies.
--start copying below here---
CLASS USER
CATEGORY !!CPL_Icons
POLICY !!CPL_Access
KEYNAME "Control Panel\Don't Load"
VALUENAME "Access.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_AppWiz
KEYNAME "Control Panel\Don't Load"
VALUENAME "appwiz.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Console
KEYNAME "Control Panel\Don't Load"
VALUENAME "console.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Cpqmgt
KEYNAME "Control Panel\Don't Load"
VALUENAME "cpqmgmt.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_DevApps
KEYNAME "Control Panel\Don't Load"
VALUENAME "devapps.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Inetcpl
KEYNAME "Control Panel\Don't Load"
VALUENAME "inetcpl.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Intl
KEYNAME "Control Panel\Don't Load"
VALUENAME "intl.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Joy
KEYNAME "Control Panel\Don't Load"
VALUENAME "Joy.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_License
KEYNAME "Control Panel\Don't Load"
VALUENAME "liccpa.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Main
KEYNAME "Control Panel\Don't Load"
VALUENAME "main.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_MonAgt
KEYNAME "Control Panel\Don't Load"
VALUENAME "bhctrl.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_MMsys
KEYNAME "Control Panel\Don't Load"
VALUENAME "mmsys.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Modem
KEYNAME "Control Panel\Don't Load"
VALUENAME "modem.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_NCPA
KEYNAME "Control Panel\Don't Load"
VALUENAME "ncpa.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_ODBC
KEYNAME "Control Panel\Don't Load"
VALUENAME "odbccp32.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Ports
KEYNAME "Control Panel\Don't Load"
VALUENAME "Ports.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Server
KEYNAME "Control Panel\Don't Load"
VALUENAME "srvmgr.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_System
KEYNAME "Control Panel\Don't Load"
VALUENAME "sysdm.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Telephony
KEYNAME "Control Panel\Don't Load"
VALUENAME "telephon.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_Timedate
KEYNAME "Control Panel\Don't Load"
VALUENAME "timedate.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_UPS
KEYNAME "Control Panel\Don't Load"
VALUENAME "UPS.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_FIND
KEYNAME "Control Panel\Don't Load"
VALUENAME "FINDFAST.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_CPQ1
KEYNAME "Control Panel\Don't Load"
VALUENAME "CPQHPL.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!CPL_CPQ2
KEYNAME "Control Panel\Don't Load"
VALUENAME "CPQNTAC.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!WSP_Proxy
KEYNAME "Control Panel\Don't Load"
VALUENAME "wspcpl32.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
POLICY !!INP_Input
KEYNAME "Control Panel\Don't Load"
VALUENAME "input.cpl"ValueOn !!CPL_Hide ValueOff Numeric 0
END POLICY
END CATEGORY; Control Panel
[strings]
CPL_Icons="Control Panel Icons"
CPL_Access="Deny Access to Accessibility"
CPL_AppWiz="Deny Access to Add/Remove Programs"
CPL_Console="Deny Access to Console Properties"
CPL_Cpqmgt="Deny Access to Compaq Insight Agents"
CPL_DevApps="Deny Access to PC Card"
CPL_Inetcpl="Deny Access to Internet"
CPL_Intl="Deny Access to Regional Settings"
CPL_Joy="Deny Access to Joystick"
CPL_License="Deny Access to Licensing"
CPL_Main="Deny Access to Fonts,Mouse,Keyboard,Printers"
CPL_MonAgt="Deny Access to Monitoring Agent"
CPL_MMSys="Deny Access to Multimedia"
CPL_Modem="Deny Access to Modem"
CPL_NCPA="Deny Access to Network"
CPL_ODBC="Deny Access to ODBC"
CPL_Ports="Deny Access to Ports"
CPL_Server="Deny Access to Server"
CPL_System="Deny Access to System"
CPL_Telephony="Deny Access to Telephony"
CPL_TimeDate="Deny Access to Date/Time"
CPL_UPS="Deny Access to UPS"
CPL_Hide ="No"
CPL_FIND="Deny Access to FindFast"
CPL_CPQ1="Deny Access to CPQ 1"
CPL_CPQ2="Deny Access to CPQ 2"
WSP_Proxy="Deny Access to Proxy"
INP_Input="Deny Access to Input"