Probably not, if an upgrade xp disc sees no qualifying installation present it asks you to briefly swap the discs, and insert your qualifying media. A recovery disc may just be a ghosted image, and therefore not recognisable. If you do want a clean installation of XP without any vestige of ME remaining it can be done, but is a bit long winded.
Do as much as you can to clean up the ME installation so XP will install as cleanly as possible over the top of ME. Also use the hardware report feature than XP will offer at the first stage of installation. It will tell you of any item that it does not recognise (modems are a favourite here), you can then obtain any drivers you may need before you install. After installation is complete you can then use the XP upgrade disc a second time to reformat and reinstall again. It will detect an existing installation and will not ask for qualifying media. It will take twice as long, but you will have a perfectly clean installation.
Don't forget to save any drivers you have obtained, you will need them again.