I doubt that...Regret is a different structure like CNF, RAC etc....it can never be W/L1/AVL 4...or may be RAC7/AVL 1 etc. because two state of the booking cannot be clubbed together...in the same way ...Regret/WL 1 may not mean highest level reached is Regret and now its W/L 1..
Moreover(Lets consider WL10/WL2)....this highest level(WL 10) and present status(WL2) funda is displayed only after booking and not while checking for availability...during checking it only shows WL2(as in this case)..which cannot justify the logic Regret/WL1(where Regret is the highest attainable status and W/L is presnt status)