In theory yes if sending and receiving by tcp as tcp requires a response verifying that a packed was received or sent ok.
When you send a packet via tcp/ip then you have to wait for a response from the server(or so) you sent it to, an ACK response, same thing if you download a packet, an ACK respone is sent saying you recieved the packet ok, now send then next one. So what happens is that if your using all your available download bandwidth then there is no immediate available room to send the ACK back to the server from the "downloaded" packet, it will have to wait xxx milliseconds or so until an ACK can be sent back to the server. So in theory if you capped your download speed to maybe 8/9 of its max value or so then this should increase your upload speed.