I think so Dave, but it takes some care in doing so to not over do it.
Here's a before and after of the Arnold I have for sale...
You can tell in this shot that the textured dial was yellowed... like a shellac finish was on it.
In the after shot, the yellow is pretty much gone. The trick is in not removing the printing too. I use an ultrasonice jewelry cleaner full strength, work it with my finger tip or q-tip, and then rinse well with water. I find using slightly warm water is better than hot. Hot water will definitely remove too much too fast. Multiple cycles seem to work best (vs. trying to do too much too fast). You need to stop if the lettering is impacted. It's really a judgement call, as a consistent yellow dial may look better than a splotchy yellow and white dial. It may take 10 cycles to get the yellow to go away but after 5 you might be thinking, "why did I try this?". I would recommend only trying it with dials you're willing to get refinished until you get the hang of it.