At the time you asked this, the answer would have been "No". Pre-release 2 does not work with Reader 10.
However from http://labs.adobe.com/technologies/aptt/, a new AcroQTP solution ("prerelease 3") was announced in December:
December 21, 2011 — A new version of the Adobe PDF Test Toolkit has been released with support for Adobe Acrobat 10.1.1 and Adobe Reader 10.1.1.
Alas, the breakthrough was easily overlooked. Reader 10.1.2 was pushed in January 2012, but it didn't work with AcroQTP (in my experience).
As discussed in http://forums.adobe.com/thread/996218, if you can install Reader 10.1.1 then you should get AcroQTP to work.
We have lately found that due to some of our changes in Reader 10.1.2 release, the plugins have broken.
They still continue to work with Adobe Reader 10.1.0 and 10.1.1 ON ANY ENVIRONMENT WITH ANY QTP VERSION.
For the time being, before Adobe roll out a fix, we would suggest you not to upgrade the Adobe Reader versions.
Thanks and Regards