No. The Java 5 compiler produces a newer class file format which the Java 1.4 VMs can not read.
Type erasure means that the operation codes (within the bytecode itself) may be identical between legacy code and "generified" code, but there are other differences in the class file format (and there might be some new opcodes).
Java 5 code is compiled to a class file with version 49; Java 1.4 targetted code compiles to a class file with version 48. Version 49 class files support annotations, enums, generic type signature attributes, "enclosing method" attribute, varargs and bridge attributes, etc. An annotated chapter from the virtual machine specification showing the changes can be found here.
You can of course use the Java 5 compiler to compile Java 1.4 code and produce the older class file format, using the -source 1.4 -target 1.4
command line options.