No, it's for Intel only at the moment.
It shouldn't be a problem to compile Pidgin itself for PPC. I already tried that and the compilation went just fine. The problem is, the GTK+ framework (http://www.gtk-osx.org/) also is Intel-only right now and we depend on that. So I need a universal binary of that framework, the rest shouldn't be a problem. Actually, I already have compiled my own GTK+ framework (it's a bit newer than that version on the website) but their build scripts make it very complicated to build an universal binary.
You could perhaps try to build a PPC-only version of Pidgin and GTK+. Pidgin should compile right out of the box (if you just checkout all the files from SVN and use my Xcode project). GTK+ is a really annoying and long way to get it compiled, and it will take some time (and several tries and some hand fixing at the time when I did it; I am a bit scared to do that again, I just hope that the man behind www.gtk-osx.org will come back to it and perhaps also make an Universal binary, but the last time I wrote to him, he said that he has become a bit inactive and doing an universal binary has very low priority for him).