What I've seen from digging around online suggests they did, yeah. I'm telling you, they CAN do really good work. I have the Bond 50 and North by Northwest remasters, and both look terrific. The Bond stuff in particular looks like a new film. I mean, granted, it's shot on old film stock, but it's completely clean and clear without appearing (to my eye) overprocessed.
The job that was done for Lucas in '04, though, was admittedly weak. I gather they were on a VERY tight turnaround, and Lucas was in charge of much of the technical changes (e.g. "embrightening" everything with changes to color timing, oversharpening the picture, redoing sabres and other digital elements, flipping the rear audio channels, etc.). Lowry basically did what the client requested.
Seriously, if you doubt their capacity to do a good job, check out the restored version of Doctor No. Or compare the DVD and Blu-Ray versions of North by Northwest. It'll surprise you.