No, if you use travel funds to purchase all or a portion of an Anytime or Business Select fare and then cancel the reservation, the travel funds used will return to you as travel funds. Any cash portion of the purchase would be refunded as cash. Allowing what you asked about would provide a very easy way to convert travel funds to cash, and that's not going to happen. You can cancel/change any fare up to 10 minutes before the flight (that's pretty flexible if you ask me), but only cash paid for Anytime and BS fares is refunded as cash.
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