Yes, Backup Exec will be able to read the tapes for restore.
However before running a catalog job, you need to switch of use on based media catalog in the tools/options/catalog menu of Backup Exec.
This prevents Backup Exec trying to find Arcserve's Catalog at the end of the job on the tape and reads the tape block by block in order to create a new catalog. This process is some what slower to build the catalog but it is only for the few tapes you will need to do the restore from.