Only if it's really close for Davis. With all the poll results, it looks like Yes easily wins and Schwarzenegger wins. If the margin is large enough, it would look like sour grapes and corruption for the Democrats to challenge the results.
If they had attacked him early in the campaign (or before he declared his candidacy), he might have dropped out (or not run) and Davis would be facing conservatives Simon, Issa, and McClintock. Riordan would sink like a rock, and Bustamante might not have run at all. The recall was always popular after it qualified, so we would have had a conservative replacement. Compared to that possibility, Schwarzenegger should be pleasing to the Democrats.