Not without hacking the hardware driver unless the manufacturer includes its own API (some do) but they are phone specific
To correctly adjust the brightness of an LED you use PWM (pulse wave modulation), in sort you turn it on/off really fast and adjust the timing to regulate the brightness, (some LED's have internal chips for this).
BEWARE a lot of apps in the android market that do it simply increase the voltage sent to the LED, this is very bad and will burn out your LED (unless its a special LED), I have first hand experience of this with a C902
, so be careful if you use one of those apps.
But in short the answer is no