No. Each restore point will contain any viruses or spyware that was present at time restore point is created. So it is most important to do a full virus and spyware check if you resort to restoring from a restore point.
What is more annoying is that antivirus programs will constantly annoy you if it finds viruses in restore points but because windows protects them so much, the antivirus proggy is not allowed to fix them! You are then advised to delete all restore points, makes sure system is clean, then let system start making new restore points.
Boo!