@S'mon, however, is a lawyer and apparently the resident expert, so I'd go with his assessment... which seems to boil down to "Probably, depending on the judge, and how far Wizards goes to distinguish the new license from the old, so they would be well advised not to call it 'OGL 1.1.'"
Mind you, if I were a 3PP debating whether to try using the 1D&D SRD under OGL 1.0, I would not find this answer very reassuring. You want a little more certainty when your business is at stake. That in itself might be enough to keep anyone from making the attempt.