Update: The link below does not have a complete answer. Having to set the path or variable in two places (one for GUI and one for shell) is lame.
No
For GUI apps, you'll have to create and edit ~/.MacOSX/environment.plist
. More details here. You will need to log out for these to take effect. I'm not sure if they also affect applications launched from Terminal, but I assume they would.
For apps launched from Terminal, you can also edit the ~/.profile file.