Depends on the circuit and how it's being used. In most cases, yes it might be fine, in a few cases maybe not as well. Can you tell us what it's being used in or better yet a circuit diagram?
Just compare the datasheet and think about what you are using it for. The big difference between the two is current handling capability. So look at your circuit, is it enough?
A 1N4001 should work fine in that circuit. The op amp is configured as a current sensing switch as explained at the top of the diagram. Looks like a pretty good circuit.