No. Currently the system works like this:
If you got up-votes or best answer, then you lose all points you got from those votes.
If you got down-votes then you don't gain the points back that you lost.
The reasoning is that if a bad question/answer is deleted it's a good idea for the user to keep the penalty. Hopefully they learn not to break rules again :)
That's just how the software works at the moment. When the next version comes out I may have more control over the points and might do something different. I'd rather have a way to "lock" the threads like on forums, to make sure the user saw what they did wrong.