Restraining Order vs. Out to Lunch

[Clipper]

Yes. Out to Lunch is one of the rare cards that ends the combat, which is implied by the fact you have already drawn the Treasure. Thus, Restraining Order would not have any effect apart from stopping the player from playing other cards until the end of the turn (as combat has ended and Out to Lunch has already been discarded by that point, I believe it is not returned to the owner's hand).

Even if a card that didn't end combat was used, such as if the other player had played Magic Lamp instead of Out to Lunch, Restraining Order would not return the monster to the field. In fact, it would return Magic Lamp (or whatever card was played) to the player's hand to use it again in a future combat!

The rule is that Restraining Order returns cards to the hand and reverses their ongoing affects, such as +X to either side, but it doesn't reverse effects which have already been completed, such as discarding monsters. It thus will never reset or resurrect anything.

Edit: Here's a post that officially states you don't reverse effects of cards with Restraining Order.