To some degree, yes. At the temperatures that you're talking about, the proteins will denature and the microorganisms and their spores will be killed. Many mycotoxins and MVOCs will remain intact, if present however. Some powdery mildew causing species don't produce mycotoxins but it can be caused by many species, so it's impossible to say for certain that mycotoxins won't be present. Even if they aren't, you still wouldn't really want to smoke the MVOCs present.
That's not quite how I put it bro. I wrote that a water cure could remove any loose mold fragments and polar mycotoxins, not that it would make it suitable material to smoke. I then went on to say that if the water cured material is extracted with butane while still slightly damp, the mold should freeze solid and prevent the butane from extracting the cellular contents. The trick would be to make sure that the material isn't so damp that the trichomes are covered in ice. It's important to state that it was just a theory, although based on certain facts. I suggested the method to someone a few years ago. He water cured slightly moldy buds for two hours, just long enough to saturate any mold before draining until slightly damp. He then extracted with butane, dissolved the BHO in ISO and filtered with a 1.2 µm filter. His smoke report was as follows...
Gunnaknow/GrayWolf thanks for hanging in there with me, my learning curve on this procedure is straight up, not as bad as some things but you want to do it the right way, good incentive here is your health. Would not buy this stuff from anyone now after finding out how many make it. I'm going to have to start reading a little more carefully when you guys say something. I had no idea that I would get 'hooked' on scrambling for knowledge, not many places you can go for advanced classes in hash making, rather an arcane subject. One of the things learned is its better not to get powdery mildew in the first place. Just used FOAF's bags for the first time rather than scraping, will 'winterize' this batch and run it through a .02 Whatman. Done right I can see why this is very expensive stuff or so I hear. What does this go for retail on the average anyway [done right]?