I wouldn't have thought so. If you're a bit out with your wort/water ratio your results go out the window.
Why do you need to be so accurate anyway? Within a point or 2 is all I worry about. Temperature is also a variable so you'd have to measure this accurately as well.
Wouldn't this actually make your calculation less accurate anyway? If your hydrometer is accurate to one point and you dilute to 1/4 strength, a 1 point error in your diluted mixture is equivalent to a 4 point error in the original???