Nope, it won't.
Try this...
//echo -ag $iif(*!*@p2p-G9T48BH6.bl.at.cox.net iswm nick!user@p2p-59D4DBC9.mc.at.cox.net,Match!,No match!)

and (if your host is cox.net - and not your example banmask)
//echo -ag $iif(*!*@p2p-G9T48BH6.bl.at.cox.net iswm $ial($me),Match!,No match!)

$ial($me) returns the same as $address($me,5) - your full address (nick!user@host)