No, as others have noted up-thread, the hysteresis (and sheer scale) precludes
even rapid re-planting from being a "silver bullet" but there are still three good
reasons to push for this:
1) Clearance is primarily for meat production. Conservation & re-planting will
assist/encourage the (globally beneficial) move to reducing meat consumption.
2) Conservation & regrowth will preserve (and expand) the habitat of those
rain-forest species that we haven't yet pushed into extinction.
3) It is a visible & tangible cause that provides an entry for people's consciousness
to be awakened, a "first case" that gets the attention of folks who are neither
malicious nor embedded in the problematic industries first-hand but who need a
"something" to give them that nudge to move to the path of environmental
awareness. Some people mock the "photogenic causes" but they overlook the
fact that many people start off by helping to save whales, the cute dolphins,
the panda (one animal that is quite capable of ambling into extinction without
a single human being involved!) but that leads them to become aware of the
network of life, the connections, the importance of creatures to the biosphere,
krill, tuna, mosquito, bat, shark, turtle, elephant, everything enormous or tiny,
beautiful or plain, all of it. It takes that first step to move onto the path.
JMO. 
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