Certainly. Over pitching can lead to off flavours as easily as under pitching can. Rather than straight reuse the yeast cake, I recommend washing the yeast first and then repitching. That way you also get any of the old trub out that could also contribute flavours to the new beer you didn't want or expect.
You also start adding selective pressures to your yeast colony. Yeast with the ability to survive better in an over populated environment will stay alive while others will perish. You don't what other traits the yeast that are surviving have, they could be the yeast that are more prone to throwing off diacetyl or acetaldehyde and not cleaning it up later... Point being is that after a few batches on the same cake, you're risking having the yeast ferment completely differently than the first batch.