Unfortunately no. It says it can't be combined with any other discounts. D&B bags aren't excluded like they are on DS.com sales now though, so still a pretty nice deal. It gets us peasants the same discount as premier and premium AP holders.
Of course a CM discount is the way to go. I was in Vault 28 while several CM's were there shopping the other day and it was killing me listening to them figure prices with their 40% off and then still question whether the bags were worth that much. I'm sure I'd be signing my whole paycheck and then some over to The Mouse if I got that kind of discount.