To get the best answer to that question, try it.
I've had no luck.
TitleDeko was removed from Pr at about the 5.0 point, when Adobe went with their own Titler.
I'd suggest doing the TitleDeko in Pinnacle and then doing an Export to DV-AVI for Import into CS4, as an Asset. Another method, though an unlikely one, would be to find someone with a pre-5.0 version of Pr and hope that it would allow for TitleDeko direct Import. The .PROJ file might Import into CS4. I know that Pr 6.5 .PROJ files Import into CS4, but have never tried with anything earlier. Because of the lack of direct TitleDeko support after about Pr 5.0, this could still be a major issue and require the Export to DV-AVI and Import into CS4, which would be a lot easier out of Pinnacle.
Good luck, and please let us know if you meet with any success, and also about any workarounds that you find.