Will a MacBook with its lid closed (asleep) restart at the scheduled time? I think the title says it mostly. Will a sleeping MacBook Air with the lid closed restart automatically at the time scheduled in the energy saver pane?
Per this Apple KB article, the Mac must be awake for Energy Saver's settings to take effect:


  Your computer must be awake and you must be logged in for it to shut down at the scheduled time. If you are not logged in or the computer is in sleep, your computer will not shut down at the scheduled time


Source: http://support.apple.com/kb/PH3954