Yes, the hardware platform seems to be very similar, but I'm less optimistic that a PRS-T2 kernel module would load on the PRS-T1 (aside from the legal ramifications of getting hold of that module):
The PRS-T2 kernel Sony distributes has the same version number as the PRS-T1 kernel, but it has evolved a bit, which may lead to a modversion mismatch. Also, if the kernel config files in the Sony tarball are any indication, there may be minor SoC or platform differences and slight configuration mismatches between the platforms. For example, some of the config files select different platform clocks and timers.
(BTW, one of the config files hints at a future HD version of the Reader with a 1200x1600 eInk display.