I think so. When your gcode ges t0 M1 (as long as your optional stop is enabled), it pauses, in its current state and will continue to run the code on a press of cycle start. When the M1 is called, say you have the spindle on and down in the part, that is where it will pause. So, be sure the machine is in the state you want it to be in when the M1 is called.
Brett