Tee hee, that would be and interesting development, wouldn't it? But no.
Spoiler
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He's always your enemy. After you side with Bodhi, you realise she's been in cahoots with him the whole time, and then the rest of the game continues as normal, except no thieves guild anymore. I mean, you have to get your soul back, Irenicus isn't just going to hand it over!
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Goddess of Undress
Co-owner of the Evil Petting Zoo and Sorceress of the HADB
OLD COOTS eye candy and Disrobed Division of the ORT
And her sidekick Pink
"No on has escaped love altogether, and no one ever will, as long as beauty exists and the eyes can see"
--Longus--