The short answer is no.
The long answer is: There seems to be some confusion about the future legality of 121.5 Mhz ELT's.
"On June 15 the Federal Communications Commission (FCC) released for publication a change to 47 CFR Part 87 that will “prohibit the certification, manufacture, importation, sale, or continued use of 121.5 MHz emergency locator transmitters (ELTs) other than the Breitling Emergency Watch ELT.” Meanwhile, the FAA in 14 CFR Part 91.207, stipulates that U.S.-registered civil airplanes are required to have an approved automatic type emergency locator transmitter in operable condition attached to the airplane. The FAA does not specify either 121.5 or 406 MHz, but the overwhelming majority of aircraft are equipped with 121.5 MHz units, meaning they would be in violation of federal law when it goes into effect 60 days after publication in the Federal Register.EAA, other aviation associations, and the FAA are in ongoing communications with FCC to work out the situation, and EAA advises members to not make any changes with regard to their ELTs at this time."(source: http://www.eaa.org/news/2010/2010-06-21_conflicting.asp)The FCC did not publish this ban to the Federal Register after the outcry of the aviation community. The Aircraft Electronics Association(AEA) was among the industry groups instrumental in preventing this. AEA COMMENTARY:
"The AEA supports the FAA’s proposal for operators to continue the “use of existing” 121.5 MHz ELTs. However, because satellite monitoring has ceased for 121.5 MHz, the AEA does not support the FAA’s position of allowing the continued manufacture, importation or sale of new 121.5 MHz ELTs.With the termination of the satellite monitoring of the 121.5 MHz ELT signals, the transmitter no longer meets its intended design function. The AEA is disappointed the FAA would make the unsupported and illogical argument that the proposed FCC prohibition on the further manufacturing, importation, sale or use of an outdated ELT transmitters is somehow detrimental to aviation safety." (source: http://www.aea.net/governmentaffairs/regulatoryupdates_item.asp?ID=46 )