From running a few tests on W|A it appears not.
But the additional question is whether it'd be worth it. Use something like this to experiment with this problem.
Framed@DynamicModule[{text = "", compressed},
Column[{
TextCell["Type Text here \[DownArrow]", "Text"],
InputField[Dynamic[text], String, ContinuousAction -> True,
FieldSize -> {30, 5}],
TextCell[
Row[{"Compressed Version:\n ",
Dynamic[compressed = Compress@text]}], "Text"],
TextCell[
Row[{"Original Text Length: ", Dynamic[StringLength[text]]}],
"Text"],
TextCell[
Row[{"Compressed Text Length: ",
Dynamic[StringLength[compressed]]}], "Text"],
TextCell[
Row[{"Useful?: ",
Dynamic[StringLength[compressed] < StringLength[text]]}], "Text"]
},
Alignment -> Left]
]
But a quick exploration of one of the works of Jane Austin suggests that it is not worth one's while...
janeAustin =
Import["http://www.gutenberg.org/cache/epub/21839/pg21839.txt"];
tweets = StringJoin /@ Partition[Characters[janeAustin], 140];
Histogram[StringLength[Compress[#]] & /@ tweets, Frame -> True]
