No, not this time.
It's not like Sephiroth has any significance to the plot anyway. Sure he was optional in KH1, but since Sora didn't meet him there storyline wise, then he should have no record of being in Sora's memories. Can't just randomly put him in there for no reason (even though that is kinda what happened in KH1 anyway, but bleh). As if it isn't poo enough fighting with cards IMO, I could see how tough this guy could be.
Plus, I believe SE gave everybody a little break with fighting him; KH1-Seph fight, KH2-Seph fight, Re:CoM-Lets give them a break for now. I think even SE is seeing Seph as overused now.