Nope. CFM means cubic feet of free air per minute. It does not mean
the
volume of compressed air. CFM output only improves marginally as
delivery
pressure is lowered.

CFM performance relies on really close tolerances between the
head and piston, with an absolute minimum of volume when the piston is
at TDC. Any volume not swept by the piston (the volume in the discharge
port between the valve and piston, for example) will store compressed
air which expands when the piston starts downward again, and so intake
of new air is delayed and the CFM drops as tank pressure rises. It's
for that reason that old gas engines make poor compressors: the head
volume spoils it.

Dan