Yes indeed. I ran the tool as an administrator and in Device Mode to create an image of my bootable Lucid Puppy pendrive. I restored the image also as an administrator and was able to boot from the pendrive.
This is adequately explained in the FAQ section alex's coding playground » FAQ
While doing this experiment, I also noticed that if one does not run the tool as an administraror while restoring the bootable image (Volume Mode), the pendrive turns RAW, necessitating a format operation. I repated it thrice to make sure that it is so.
So users have to make sure that they run the tool as an administrator(and in Device Mode) while restoring a bootable image or else they have to go through the extra work of formatting the pendrive and repeating the process correctly.
The other point the users have to note is:
Whether they use ImageUSB or USB Image tool, if they write the bootable image to a larger capacity pendrive than the original pendrive from which it was imaged, the extra space on the larger drive will remain unallocated and Windows will not see the extra space other than that of the donor pendrive.
For example if the flash drive from which one created the bootable image is 2 GB,and it was cloned to a 8GB pendrive, 6GB in it will remain as unallocated and Windows will not see it. So one may not be able to format the full 8GB with Windows.It will format only the 2GB which it sees.
I used HP USB Disk Storage Format Tool to format and regain the full capacity of the pendrive after these experiments.