Yes. I try to target a typical commercial fill level and usually that's about what you get when you cap on foam. If you're not too worried about losing some beer, let the foam overflow a bit to get the fill level you're looking fo.
I've had good luck bottling for comps by using a racking cane jammed into a picnic tap.
I purge the bottles first, then fill and cap on foam. I've got a splitter in my CO2 line and I have one end hooked to the keg and one end hooked to an airgun. I put a racking cane on the air gun and purge the bottles from the bottom before filling. Sort of a poor man's beer gun.