No. One, this will only generate the files needed for the Hires interface, i.e. the 2_* files. Two, it uses template files derived from the original FS2 interface, and recolors them. The main visual improvement can be seen in the various interface screens, since those are composited together from a source image, two interface layers that make up the UI elements you can see, and a logo layer.
At the moment, it is only suitable to create something like a "skin" for FreeSpace, with all the basic shapes and UI elements we know from the standard FS interface.
If you want something that is completely different (Like BtRL's or WCS's interface art), this will not help very much.
It is best suited to create images like the ones TBP uses.