Depends on the key. Some are universal and will work with both 3.3 and 1.5v. But I would look up the specs of the card fully.
The AGP 1.0 specification defined 1x and 2x speeds with the 3.3v keyed connector.
The AGP 2.0 specification defined 1x, 2x and 4x speeds with the 3.3v, or 1.5v keyed connector or a 'Universal' connector which supported both card types.
The AGP Pro specification defined 1x, 2x and 4x speeds with the 3.3v, or 1.5v keyed connector or a 'Universal' connector which supported both card types.
The AGP 3.0 specification defined 1x, 2x, 4x and 8x speeds with the 1.5v keyed connector or a 1.5v AGP Universal / Pro connector.
Each up-grade is a supper-set of the 1x mode, so 4x will also support the 1x speed. The base clock rate is 66MHz, but to achieve to 2x, 4x, and 8x speeds the clock is doubled each time. AGP uses both edges of the clock to transfer data.
Check this page out first.
http://www.interfacebus.com/Design_Connector_AGP.html