Restoring SD Card from ActiveSync Backup

If you didn't backup the sd card contents into the pc then no, but if you did then its a yes.

I myself take a full copy of the contents of my sd cards now and then into my desktop computer, and incase a problem happens I can restore the files.

You can try a file recovery program like file scavenger.
http://www.quetek.com/prod02.htm TRY THE FREE DEMO FIRST don't buy the program unless it can recover your files.

I own the program myself and its great but try it first.

Format itself doesn't delete any files it only marks it as free space.

no you cant't restore it