Alan
I think I got the perfect solution for you:
Set your Vault Store Partition Safety copy setting to "After Backup".
This ensures exactly this behaviour.
Have a look here (my post):
https://www-secure.symantec.com/connect/forums/mails-pending-archiving-ev2007
To answer your question: EV does not soft-delete it (deleted items folder), and you can't get it back from the "recover deleted items" function.
Cheers
Michel