No – because the tool really is not available under the Mesh Right Click options. This access point is new in 2009.

Yes- because this tool is what was previously called Simplify (under the Add-in called Utilities). You would have to go into Tools>Add-ins and check in SolidWorks Utilities. Upon doing so, you will get a pull-down menu under which you should be able to select the option called Simplify. This functionality will be a separate pop-up window to perform the model simplification.

It is to be noted that the 2009 feature does have some additional options like creating configurations and so forth, apart from the easy access point.