From my (very short) testing, yes.
However, you will have to remove the "ressource" and the "materials" folder inside the "pak01_dir.vpk" of the mod folder. This will restore the main menu back to normal & allow you to play singleplayer (while still being able to play Portal 1 in coop). I will test further and update you if needed. Also I can share my edited VPK if you want ;)
j4nce
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