Short answer : No.
Every time you drag a pre-comp into your main timeline you are creating an instance or 'clone' of that pre-comp. If you did change the text in the pre-comp it would change for ALL instances of that pre-comp, wherever they where used in your project, which I'm assuming you wouldn't want : )
Depending on the design and animation of your lower third you may be able to extract the text element(s) so you could have a pre-comp of the common animated elements and place the text visually on top of them in your main comp.
There is a way to do this using Markers and Marker Comments.
Effectively in your Master Comp, you need to decide where you want to add your Markers, I suggest on an adjustment layer or guide layer (ie. named "Names and Titles"). Place your Markers where your Lower3rds will start and then add your "Name | Title" in the comment field by double clicking on the markers. You need some sort of separator, I use " | " myself.
Once you have your Markers set up, you can go into your Lower3rd SubComp and in the Source Text field for each add:
A=comp("Comp 1").layer("Names and Titles").marker.nearestKey(time).comment; //This pulls the nearest keyframe's comment info//
A.split(" | ") //This Splits the string of text at the separator and pulls either the first part  second part  or etc   ....depending on how many separators you have//
Quick warning though, your Lower3rds will change when they reach the halfway distance between markers!
1 person found this helpful
Actually it bothered me that it would change at halfway so I rewrote it a bit.
L=comp("Comp 1").layer("Names and Titles"); // Change this to whatever layer you have your markers on //
A=L.marker.nearestKey(time).time; //nearest Markers time//
B=L.marker.nearestKey(time).index; //nearest Markers index//
A2=L.marker.nearestKey(time); //nearest Marker//
B2=L.marker.nearestKey(B-1); //previous Marker//
if (A > time) [C=B2] else [C=A2] //Compares nearest markers time to comp time, if in the future pull the previous keyframe, if in the past pull nearest//
D=C.comment; //gets the comment information from selected marker//
D.split(" | ") //splits the comment string at the separator  for first part  for second  for third ....//
Funny... I was just about to post to say - "good idea" and was working on a hold type upgrade myself : )
...anyway - "good idea" !