Short answer: No.
Keep in mind that in addition to the above, JPEG has to be decompressed into VRAM at runtime, unlike DDS:
This also applies to .png format, which is also small filesize yet as expensive as bmp or tga at runtime:
Compressed DDS can be run streamed directly into GPU VRAM, so a 1024x1024 DXT1 texture comes out at roughly 1.25mb, and that's what it takes up in video memory.
However, if we load the same 1024 texture as a JPG or PNG file, it gets decompressed into 8-bit RGB, or 1024kb per channel, which ends up at the same 3mb size as were it a BMP. So JPG and PNG are actually more expensive despite having a smaller filesize on your harddrive.
So don't do it.