With a thin layer not really no, but I was going for maximum coverage and protection so I put on several layers throughout the day. One could argue that if you're just going to put a thin layer on its not going to be any more effective than just using another lip balm. It won't heal your lips unless they are 100% protected.
Because of the amount of layers I put on my lips were pretty hard and chapped looking. You could easily put lipstick over it yes.