LTIR only allows you to bypass the upper limit by the amount of combined cap space that you place on it -- so, in short, no. The cap hit is still there, the team is just allowed to use that cap space on another player, if necessary.
Here is a snippet from the CBA:
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(d) Bona-Fide Long-Term Injury/Illness Exception to the Upper Limit. In the event that a Player on a Club becomes unfit to play (i.e., is injured, ill or disabled and unable to perform his duties as a hockey Player) such that the Club's physician believes, in his or her opinion, that the Player, owing to either an injury or an illness, will be unfit to play for at least (i) twenty-four (24) calendar days and (ii) ten (10) NHL Regular Season games, and such Club desires to replace such Player, the Club may add an additional Player or Players to its Active Roster, and the replacement Player Salary and Bonuses of such additional Player(s) may increase the Club's Averaged Club Salary to an amount up to and exceeding the Upper Limit, solely as, and to the extent and for the duration, set forth below
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