The Obagi Blue Peel is a medium depth chemical peel that is great for freshening up your skin, improving texture, fine lines and pigment but doesn't go deep enough to have much effect on acne scars. My current favorite tool for facial resurfacing is a fractionated CO2 laser. Significant improvement in ance scars and wrinkles without the risks of traditional CO2 resurfacing.
No, an Obagi Blue Peel is not likely to be very beneficial in reducing acne scars. It is highly effective in correcting excessive pigmentation in sun damaged skin. For treatment of acne scars your best options are laser resurfacing, dermabrasion, and/or filler injections such as Restylane.