No; they are 'compatible' in terms of being able to use both ESP's, but you'd end up with a crazy powerful caster if you did that. The math behind the two is actually fairly similar if you look at where the damage #'s end up for the spells (except for runes, Master level runes in Xodarap's do crazy damage by the numbers). You do lose some of the wacky effects that Xodarap was doing, such as HUGE radius fireballs and the like. This may be good or bad depending on your point of view.
The one good thing about Xodarap's approach is that it takes money out of the game, and anything that takes money out of the game is a good thing IMO. On the other hand it's bad because you end up with a hundred spells in your spell list, 90% of which you won't use at the end game. Xodarap's new spells also currently do not gain the benefits of dual casting.