From AR 600-8-22
e. Service members qualified for the Global War on Terrorism Expeditionary Medal (GWOTEM) by reasons of service between 19 March 2003 and 30 April 2005, in Iraq, shall remain qualified for the medal. Any such soldier may be awarded the ICM in lieu of the GWOTEM for such service. Additionally, any such soldier authorized the arrowhead device may be awarded the ICM with arrowhead device in lieu of the GWOTEM with arrowhead device. No soldier shall be entitled to both medals for the same act, achievement or period of service.
So the answer is Yes.
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