You don't say what the restriction is or how it's described as, in essence, there is no such thing as a 'restricted class 1.' There may be limitations listed, however, such as requiring the wearing of spectacles or only operating "as or with co-pilot."
To answer your question though, a Class 1 medical is by definition a medical certificate issued for the puposes of obtaining a commercial licence, so if you actually hold a Class 1 - yes!