No.
If your CPU limits a games FPS to (for example) 40 fps then you will never achieve more than that regardless of graphics card used.
The way it's often described as a CPU bottlenecking a GPU or vice versa can be misleading for some people.
To remove a bottleneck you have to upgrade that item - in this case the CPU - in order to improve performance.
There is always a bottleneck and it varies by game or software application. Trying to balance the CPU and GPU won't make either perform better, it's just about saving money when a faster part won't improve performance and is therefore wasted to some extent.