Yes, but doubtful for an LCD. An LCD should lose at least 66% of its energy in the best case by virtue of how it works. It essentially works by sending out white light and blocking selective spectra of light for each pixel. So even if a pixel is lit up, it should still be blocking or filtering most of the light that hits it and only letting through its particular color.

The better solution is to use LEDs or OLEDs. These do not require a backlight or any blocking but just generate the necessary color of light (and only the necessary color of light) from scratch.