If you are referring to me, I certainly think it counts, but I also think that fight showed who the better fighter was and it wasn't Tim. And it's not like he was barely losing either. Okami was beating him like he had never fought before.
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Not referring to anyone in particular, I've seen different posters in different threads refer to the Okami fight as an arguing point against a Timmy B title-shot. I see what you're getting at, but I don't agree. If the fight ends with one of the combatants unconscious then I don't see any way how the victor can't have been the better man on the night.