It could, but it currently doesn't due to the admin-level changes introduced in v1.5.0. Let me dust off my ZC1.3.9 braincells and I'll post the teeny file update needed to get the IP2Country tool registered on the admin menu.
OK, here you go. Create the file /YOUR_ADMIN/includes/boxes/extra_boxes/tools_ip2country_dhtml.php that contains:
Code:
<?php
// Add IP2Country link to Tools menu
$za_contents[] = array('text' => BOX_TOOLS_UPDATE_IP2COUNTRY, 'link' => zen_href_link(FILENAME_TOOLS_UPDATE_IP2COUNTRY, '', 'NONSSL'));