No – Visual Studio uses an internal set of rules to determine what to set Copy Local to.
From MSDN:
- If the reference is another project, called a project-to-project reference, then the value is true.
- If the assembly is found in the global assembly cache, the value is false.
- As a special case, the value for the mscorlib.dll reference is false.
- If the assembly is found in the Framework SDK folder, then the value is false.
- Otherwise, the value is true.