No, not the wallet (wallet.dat) as this will include the failed transactions and the wrong balance. A simple rescan of the blockchain will not fix it, I tried that earlier.

What you need to do is export your private key, delete the whole Ember folder (but make a backup first), then make sure you have the latest binary and run that. It will recreate the wallet/blockchain directory on first run. Now you need to import your previously saved private key and let the blockchain sync. This should restore your balances as they are stored in the blockchain and thus valid. What else was there before in your old wallet, forget it, it was never really there, only locally.