I work primarily in B&W and my knowledge of color papers is poor, so please bear that in mind in reading the following. To answer your question - in theory, yes but not in practice. In general, paper contrast is better not done through variations in development time. Paper emulsions typically have steeper characteristic curves than film emulsions and are thus less amenable to control through altered development time. Papers emulsions are designed to be developed to completion i.e., to the full contrast they are capable of.

Contrast control at the paper stage is actually done through different emulsions (either through different grades of paper or through incorporation of multiple emulsions on the same paper as in variable contrast papers in which case, differential response to different wavelengths of light produce different contrasts). N+ development of papers do not work, thanks to the fact that papers typically are designed to be developed for full contrast - so you will just see a progressive darkening of the print corresponding to the entire curve shifting upwards without a change in the slope of the curve. You are also sometimes likely to see a yellow stain from oxidation products of the developer. N- development of papers is also problematic. Typically, overexposed and underdeveloped prints have a muddy appearance and weak blacks. Very often, they will be mottled due to uneven development (a risk one runs with very short development times with films as well). The controls are also less reliable given the shorter development times of papers (you doubtless have seen the grossly overexposed print flash up in seconds in the developer). I've only had one picture of mine where I liked the overexposure and underdevelopment look (and I suspect even that was merely a novelty and certainly achievable through better means such as planning a high key negative etc). Finally, the ability to produce a repeatable effect is vanishingly small.

Tricks like preflashing of the paper do not aim to alter the contrast of the paper. They merely bring the paper upto the speed point so that even the very little light coming through the highlight areas of the negative are sufficient to just produce a tone in the paper (whereas without preflashing they would only serve to sensitize the paper below the toe portion of the curve and thus produce no visible tone). It thereby appears to accomodate a larger density range negative.

Hope this helps. DJ