no, the axial loads magnify the deflections due to lateral loads.
what you can do is start with the lateral loads, calc the deflections. these deflections, together with the axial loads, increase the moment in the beam, which increases the deflections ...
so if you model the deflected beam (deflections due to lateral loads) and apply the axial loads to this you'll get larger deflections. non-linear FEM solves this properly, i'm suggesting a way around using NL (since i'm guessing you can't). the difference between these two runs gives you the 1st (largest) amount of deflection due to axial loads (should be less than the deflections due to lateral loads). i'd then model this delfected beam (displace the beam = to the difference between these two runs) ... this is the 2nd order affect of the axial loads, and should be less than the 1st ... etc
clear as mud ?