Not really; the guy with the transports will still have warships, able to fight back against the small early game fleets fielded against him. And over time, he will get far, far ahead. I've yet to see it play out any differently in any of the PBW games with such mods I've been in.
Unless you get really lucky and have a successful blitzkrieg, early game warfare in multiplayer usually causes you to lose the game (and often the person you duke it out with). Not expanding is a death wish.
