So if my Latios is holding Choice Specs and I use Draco Meteor, the first time it is boosted but then my SAtk drops.
If I use Draco meteor a second time with that drop in stats will the Choice Specs boost make it normal unboosted damage?
Choice Specs increases your SAtk to 150% so lets say you have 100 SAtk and with specs it increases to 150. After a Draco your Satk is decreased by 2 stages. Meaning your Satk becomes 75 or 75% of your original SAtk compared to 50% if you were not holding Specs.
So basically to answer your question no because Specs is effectively a 1 stage boost where as Draco is a 2 stage decrease.