Yes. If you add weight below the center of gravity, you lower the center of gravity.
You are correct, however, I was thinking more along the lines of shifting the center of gravity left/right and fore/aft.
My little Power Trac PT425 is articulated. We Power Trac owners get a real good sense of how the center of gravity can change quickly. For example, I can turn the steering wheel all the way to one side (doesn't matter which side), lift the bucket a few inches off the ground, and start tossing landscape blocks into the bucket until it tips forward onto the bucket, raising the rear wheels off the ground. If I reach in and grab the steering wheel, and start turning it towards straight, the rear wheels will come back down to the ground, and the bucket will lift back off the ground.
This is because the machine bends in the middle. By turning the steering wheel, you are bringing the front and rear halves of the machine closer together, making the machine shorter, and changing the center of gravity.
Another interesting thing about these machines is that since all attachments are on the front end loader lift arms, you can easily mess with the center of gravity and traction. So let's say I'm pushing up a steep hill with the brush cutter or finish mower and I start to lose traction, making the wheels spin. The brush cutter and mower are riding on their own wheels, so the machine is just pushing them, not really carrying them. If I pull the joystick out of float, and back just enough the get the mower wheels 1/8" off the ground (the distance isn't important, only that the mower wheels aren't touching the ground), that instantly transfers all of the weight of the mower deck and part of the FEL arms to the front wheels of the machine, I gain weight over the front wheels, which = traction, the tires stop spinning and up the hill I go because of the traction gain on the front tires. While I lose some traction on the rears, I want it on the fronts to climb the hill.
So you can see how that would work on a tractor pulling a brush hog on a 3pt hitch as well. If the brush hog has a rear caster wheel, about half of the weight of the brush hog is on the 3pt arms and half the weight is on the caster wheel if the 3pt is in float. By taking the 3pt out of float, and lifting the brush hog just enough to get the caster wheel off the gound, all of the weigh of the brush hog will be added to the rear tires, increasing traction. However, that will also decrease the weight on the front tires a bit, and decrease steering traction. It'll also change the center of gravity of the machine quite a bit.
It would be neat to put scales under all four tires of a machine on a hill, up/down or side hill, and raise and lower 3pt implements and the FEL and see how the weight distribution changes with each movement or load change.