Yes, you can.
However, in our testing of multiple speed controls using silver can motors we found
no lap time improvement using
any combination of additional/larger capacity diodes and caps beyond that required by the manufacturer.
Best way to get your motor to go faster is to use a faster motor.

Best way to reduce lap times is to drive better and use an efficient suspension setup that carries speed through the turns.
Jeff does make an excellent point about the temp gun- we've found that heat range is the most efficient way to determine gearing and setup efficiency.