If it was all set up between the two, then probably. I think it makes for a much better plotline, for the two, to have been in on it together the whole time.
Also, if Punk Records is Vegapunks brain, plus he has his clones, can he really be considered dead? If Kizaru truly wanted to "Kill Vegapunk" then doesn't he need to destroy every bit of him? So far, he's only been concerned with the main body, and has paid no interest to Vegapunks other vessels, or his brain.
Probably wishful thinking, but I'd much rather this be the case.