In short: yes.
A BST maintains sorted order. Given that the height is bounded by O(log
n), we know that the tree is balanced. If you do an in-order traversal,
you'll visit O(k + log n) nodes. When k is considered fixed (e.g.,
you'll always want element 5, no matter how many elements are in the
tree), the complexity of the algorithm is indeed better than O(n).
-Robert
-Nikos