Especially if you're referring to agent based monitoring the answer is no.
I would really look at resolving an overhead issue first regardless. First how have you identified this overhead, and second do you have any custom configurations such as custom sensors in place? Out of the box instrumentation should have no more than 2-3% overhead in a typical application (the nature of the application does impact this though).
Excessive custom sensors and some advanced sensor group configurations can increase overhead quite a bit if you're not careful.