no, saw palmetto works only with type 2.
some info on SP from skinbiology.com:
The red saw palmetto berries of a small palm native to the south east US, or serenoa repens, possess activities that inhibit -alpha reductase and the binding of DHT to androgen receptors. In Europe the extract is called Permixon, and is extensively to treat benign prostatic hypertrophy. Numerous European studies have demonstrated its efficacy in reducing prostate hyperplasia in a manner similar to finasteride. It is both a 5-alpha reductase inhibitor and blocks 50% of the uptake of DHT at its target tissue receptor sites. Saw palmetto is very safe, being used by native Americans was long used by local Native Americans as a food and as a herbal treatment for enuresis, nocturia, atrophy of the testes, impotence, inflammation of the prostate and low libido in men. Many herbalists consider saw palmetto a mild aphrodisiac for men. Women used the berries to treat infertility, painful periods and problems with lactation.
Saw palmetto berries contain an oil with several fatty acids, including capric, caprylic, caproic, lauric, oleic and palmitic and acid, and their ethyl esters plus high amounts of phytosterols (beta-sitosterol, cycloartenol, stigmasterol, lupeol, lupenone and 24-methyl-cycloartenol), as well as other oils, resins, and tannins.
Saw palmetto is a "multi-site" inhibitor of the formation and actions of DHT. It inhibits 50% of the binding of DHT to receptor sites in the prostate, blocks the uptake of DHT into the nucleus of prostate cells, and inhibits the action of testosterone 5-alpha-reductase, which converts testosterone to DHT.
Because of its use is not patentable, it has not been developed by pharmaceutical companies and there are no published studies evaluating its effects on balding. Dr. James Duke in his book The Green Pharmacy lists Serenoa repens as his first choice for hair loss treatment He writes that the biochemistry certainly supports the use of serenoa repens. The herb blocks the formation of DHT much like Propecia. Serenoa repens has also been shown to reduce inflammation, a common factor seen in tissues involved in androgenic alopecia.