Theoretically, yes.
I'm not a scientist or chemical engineer or whatever. So take my theory/opinion with a HUGE grain of salt.
As far as I know, the capsaicinoid compounds dissolve in alcohol and they are then in a ppm equation. So in theory, if you reduce the carrier solution(alcohol), the ppm should increase. But then again, if you intend to use the tincture in a sauce, it will be diluted by a huge ppm, so you would have to ask yourself if concentrating your tincture is worth the effort when a small amount of tincture is going to be mixed with a large amount of sauce.
:shrug: