Yes, Zero Assumption Recovery or Zar as it's also known, is the best recovery software on the market, and it's free for photo recovery. When you delete a file or format a card/disk all you are doing is altering or deleting the FAT file, and not removing the actual data. As cards write data differently from harddrives, you should be able to recover all the photos except the twenty overwritten by the new photos. In theory, you could recover these twenty also, but it requires special software and costs a lot of money.
Don't be concerned if it takes a long time, about two hours for 4gb card, as it has to rebuild the FAT file, so you can access the photos again. I had to recovery 400gb of photos from a hard disk and it took five days on a quad core computer.