No.
A layer is a set. The only way to reduce the overall number of things in the outliner is to delete said things. The entire purpose of the outliner is to show absolutely every node in your Maya scene.
You can group objects and give them a sensible heriarchy so that the outliner isn't as cluttered and individual objects are easier to find. Perhaps it will help to think of Maya as an operating system and the outliner as a DIR or LS, a list of all the existing objects.
The outliner also has a nice filtering tool. You can tell it to only show objects of specific types. Or tell it to only show objects who's names match a pattern you type in.
Of course, if you'd like, you can always create your own outliner in MEL that only displays objects in the selected layer. That actually sounds like a pretty good way to start learning MEL. Look into the command outliner and filterList.
So, I guess the answer is a qualified no. Hope this helps.
-James