um, no

Lee Day was originally Jan. 19th, his birthday, not today. Jackson was not added until 1904.

It was originally observed in VA, the only state that has Lee-Jackson Day, as Lee-Jackson-King Day after the 1983 declaration by Reagan.
VA had celebrated MLK Day on Jan. 1, but after Reagan made MLK Day a national holiday, VA added him onto the Lee-Jackson Day, making it Lee-Jackson-King Day.

In 2000, Gov. Gilmore asked the legislation to seperate the holiday, making Lee-Jackson Day on a Friday, and Martin Luther King Day the following Monday.

So no, Lee-Jackson Day was observed Friday, and Martin Luther King is remembered today.
You can obsereve it whenever, but the state of VA observed it Friday, and the US observes Martin Luther King Day today, Monday.