Directly: no
Indirectly: yes
The XML logs of MSN Messenger use a template to tell the viewer program how the contents of the log should be visible to the user. Altering this template will make it possible to view the contents just as you like it; thus you can alter the template (the XSL file) in such a way that it is just like a Plus! text log.
see:
CookieRevised's reply to convert xml logs to txt plus-like logs
After you've read the above link and did what it stated, all you need to do is save the output of the log to a text file and you have your text-style logs on disk. There isn't a program which does this all automatically for you though, so you must do it one by one.
Also note that in Messenger Plus! Live you will have the possebility to save Plus! logs in XML format (which includes custom emoticons, etc, unlike the Messenger XML logs).
And maybe in this context it would also be a nice idea if the Messenger Plus! Live Log Viewer would be able to view MSN Messenger XML logs as well, I'll forward the idea...