No, Genius is a software feature. However, firmware updates need to be applied to the correct device. Thus, firmware for the 6G iPod will not work on the 5G; firmware for the new Classics (120GB) are not designed for (and likely would brick) the original Classics (80/160GB). Additionally, iTunes does not recognize version 2 of the firmware as valid when you plug in an original Classic iPod, so I do not know how one would even apply it to an older device.
Apple may (extremely unlikely, though anything is possible) release new firmware that supports Genius for the original Classics. Until then, you are stuck creating Genius play lists in iTunes and syncing them with your iPod.