My answer: Of course not.
I know what the iMonk is getting at, though, and my difference with him (I think) is largely semantic. I think what he's asking, really, is "Is it possible to be too theology-centered?"
And the answer to that is, of course it is. Anything can be an idol if it is a) the center of our lives, and b) not God. This includes knowledge of God, and I have plenty of experience with the idol of theology.
On a related note, in this post at Dan Edelen's Cerulean Sanctum, in which he contends we're not really sinners saved by grace but saints who sin (my take: six of one, half a dozen of the other, and I really wonder what bizarro church world Dan lives in where people are preoccupied with their sin while the rest of us exist in one where people don't even mention the word), commenter Travis Seitler writes:
This is the very thing that bugs me about “the cross-centered life”; it’s all too easy to focus on Jesus’ cross (and my sin that made it necessary) and de-emphasize Jesus’ resurrection (and our new identity in him as saints).
Is it possible to be too cross-centered? Nah.
The qualities Mr. Seitler, and Dan and some of the other commenters, are bemoaning -- people full of self-loathing, hindered by martyr complexes, living in despair, moping-pouting-whining, navel-gazing -- are not evidences of seeing sin and craving grace or being too cross-centered. They are evidences of the opposite, for these qualities are signs of self-centeredness, self-interest, self-involvement . . . self-idolatry. Someone who truly aspires to live a cross-centered life, dies to self, and part of that process includes nailing to the cross self-indulgent self-pity.
The real cross-centered life is one of joy.
Let us fix our eyes on Jesus, the author and perfecter of our faith, who for the joy set before him endured the cross, scorning its shame, and sat down at the right hand of the throne of God. -- Hebrews 12:2