No, consider the following script.
entry="/cygdrive/c/Documents and Settings/asdfjkl/Desktop"
exclude="-wholename '/cygdrive/c/Documents and Settings/asdfjkl/Desktop/asdf' -prune -o"
#find "/cygdrive/c/Documents and Settings/asdfjkl/Desktop/" -wholename '/cygdrive/c/Documents and Settings/asdfjkl/Desktop/asdf' -prune -o -print
echo "find \"$entry\" $exclude -print"
for j in `find "$entry" $exclude -print`; do
Looking at the previous comment it looks like I posted the settings incorrectly.
If you test out the test script above (setting up your own directories) you'll find that if you run the command output from echo the find command will work.
However, if you run the script it does not work.