First there is this, where light intensity over a certain point is wasted.
http://en.wikipedia.org/wiki/Photosynthetic_efficiency
"Photosynthesis by D.O.Hall & K.K.Rao says that photosynthesis increases linearly up to about 10,000 lux or ~100 watts/square meter
before beginning to exhibit saturation effects. Thus, most plants can only utilize ~10% of full mid-day sunlight intensity."
Then there is bleaching going on with to much LED light.
So yes I think you can have to much light, it's properly a rare occurrence but for argument sake, I'll say yes you can.