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No. It would be looking for the page: [_path_]javascript:__doPostBack....
..which it may just find a little confusing.
(although I should point out that SEO isn't a personal strong point) My recommendation would be something like:
[pre]
<a href="_path_to_page_or_anchor_"
id = "_id_"
onclick="someFunction(this.href or this.id);return false;">[/pre] Now, everything is present, and searchable.
If it is the kind of menu system that degrades gracefully to a fully-exposed list if Javascript is disabled, then the links will be used by humans too.