yes, in a sense. you must aquire the white lotus emblem headband before beating konquest. its best to get it just after training with kenshi. I'll explain...
After you train with baraka you return to the nexus and damashi tells you you can compete in mortal kombat. Go to earthrealm and talk to kenshi, he will tell you that you need to clense your soul. go talk to onightwolf and train with him. you will age again, when your done with nightwolf, go see shang tsung and fight him, he will send you back to kenshi, when you are done tlking to him go see wen the elder (D-4 first hut after crossing the zig-zag bridge) , he will send you to fight the beast men and give you the white lotus head band. This headband unlocks quest items like Meeting with Kung Lao (C-7 after beating konquest.do a 10 hit combo -use sub-zero and do the "Cold Blade"+"Bitter Blade" combo to score 10 hits.) The headband is also required to find sindel's ring for kitana in edenia. The ring is located at H-3 behind the rock. without the headband, it will not be there so you must get that headband.
Oh and after you do the 10 hit combo on kung lao he will send you to outworld to find kai. kai is in the ice cave (A-3 Outworld) He gives you raidens staff. Take it back to kung lao. He will tell you to use it to "strike back at shao kahn" This is definately a quest, but I have not yet found out what to do.

WHITE LOTUS!!??...............................isnt that the good guys group from the game TAO FENG!!!!

i have problem i beat koqest mode so i dont think i can go back and do that stuff

c-7 what realm??

Wow, I didn't know this White Lotus Headband was so important. I'll have to start a new Konquest to get all this stuff I missed. We all know that Shao Kahn is really easy to find, he's in the center of that town thing in Outworld, right? So nothing happens if you go talk to him or punch him after receiving Raiden's Staff?

Just so you know, you don't need the headband in order to get the ring for Kitana in Edenia. I had beaten conquest already and then went back and got the ring.

Well I have gotten sindels ring but I still dont have the headband so I know for a fact you dont need the headband for that. I beat konquest awhile ago so does this mean I can never get the headband?

tao feng was made by the co-creator of mortal kombat if im not mistaken

OK..... About Shen and Wen. Afetr you beat the "beast men" shen or wen whichever tells you to go back to outworld and discover info about the earthrealm breach? I didnt get to finish this mission however coz when i went back they were both gone and did not return. Anyone know what this missions is for? IF NOT FIND OUT ASAP coz i have not seen this mission posted.

yeah i know tao feng was made by the co-creator of mortal kombat and Tao feng invented to term White Lotus so i think Midway stole that name in my opinion!!!!

It'ss not stole guys, White Lotus is a clan in China or Japan.

what ever i dont care bout china i am just saying that group name is from TAO FENG!!

MK has been using the term longer than Tao Feng has been released. Nobody stole anything, but if they did, it would have been Tobias stealing the name from MK to use in Tao Feng.

Yeah, the White Lotus Clan was even used in old Kung Fu movies.