Perhaps. Except the movie came out in 2032 I believe, which is long before Macross7's events. I guess he could have had that appearance in 2032. I'd have to look into it to see when he remacronized himself.
I don't think the story goes like this:
Exedol looked normal and had hair in 2010-12, but then his hair fell out, skin turned green, eyes turned blue, and his skull expanded from the pressure of his throbbing brain in the next 20 years.