Entirely possible; I've seen symptoms that were slight, but almost like overwatering (slight droop, yellow low leaves) because the plant simply isn't getting enough 'juice' to go through the moisture available to it. And the lower leaves WILL yellow and drop if there isn't enough light getting to them.

In my flouro-powered clone storage closet, I keep the rooted clones very much on the dry side (in that exact soil mix actually) until I need them.