My vote is no. If you get too warm, you unbuckle/unzip, stick your arms and or feet out, or just lie on top of the thing if it's really hot.
Ha, maybe this is a girl thing because that is what my girlfriend does.
It just doesn't work for me. If I am too hot under a down quilt at home I simply cannot sleep... I wake up every 20 minutes or so. And if I'm under a down quilt it's because it is too cold to not have something covering me.
The idea of sticking an arm or leg out, and it all just "averaging" out to the right temperature is completely foreign to me. I have tried it many times before and it doesn't work for me. I end up with cold feet/hands/knees/legs/whatever whilst the rest of me is still uncomfortably warm. Again, can't sleep.
I suspect some people are able to cope much better with variations in temperature without their sleep being disturbed. I however *need* to be like Goldilocks... not to warm, not too cool, just right. For this reason on my bed at home I have about 4-5 layers and during the night I flip the uppermost ones on/off as necessary. My GF goes the whole night under the same quilt and sleeps fine even when I think she is overheating. Sometimes I'll notice she has a leg out to cool down.
So, to answer your question, there definitely is such a thing as too warm. It's not as bad as too cold, but it still leads to a very bad night's sleep. For hiking I find it better to use a lighter bag and add clothes, because that way I can get the right temperature. But I've also considered taking an extra thin second quilt to put off/on during the night... much easier to deal with than adding/removing clothing at 3am.