Yes. It's default rating should have the MN or ML modification factor.
If the square head is equal (within 5%) to the original sail area, the rating should be multiplied by the MN adjustment of 0.995. This was, originally, listed as a square head modification factor.
If the sail area is greater than the original sail area, the ML adjustment of 0.980 should be multiplied on the default handicap rating instead.
Any other modifications continue to be multiplied on the rating.
Modification Factors can be found here:
http://www.ussailing.org/racing/off.../current-tables/mh-modification-factors/