POODLE: smtpd_tls_mandatory_protocols question

[Grant]

smtpd_tls_mandatory_protocols = !SSLv2, !SSLv3

The above is said to work with:

smtpd_tls_security_level = encrypt

but does it work with:

smtpd_tls_security_level = may
smtpd_tls_auth_only = yes

- Grant