More or less. This usage is basically a variation on the first one, "to clean." It suggests that a thing, skill, or memory has been unused and "collecting dust" for a long time, and you need to "dust it off" before you use it.
--A: "Do you want to go throw a ball around in the yard?" B: "Well, it's been a while since I've done it, but I guess I could dust off the old baseball glove." [Note: in thisuse, it is often joking or deceitful. It is quite probable that B plays baseball every day, but he wants A to underestimate him.]
--I spent the afternoon with my grandmother, dusting off her old memories of her childhood.
--A: Do you still play the piano? B: Well, I guess I could dust off my piano skills and give it a try [again, it is highly probable that this is false modesty]