Yes. "Plumb" and "plum" are pronounced the same so it's not surprising
that some people spell it one way and others the other.
The OED says:
plumb, adv. and adj.
....
2.
a. As an intensifier: completely, absolutely, quite. In modern use
often in negative context. Now chiefly N. Amer. colloq.
The quotations given show various spellings:
1588 T. Hughes Misfortunes Arthur ii. iv. 21 The mounting minde
that climes the hauty cliftes..Intoxicats the braine with guiddy
drifts, Then rowles, and reeles, and falles at length plum ripe.
1738 J. J. Berlu Treasury Drugs Unlock'd (ed. 2) 67 The best
[jujubes] are plumb-full of Pulp, and come from Italy.
1787 F. Grose Provinc. Gloss., Plum pleasant, very pleasant.
1846 H. Kerchival in S. F. Smith Theatr. Apprenticeship App. 213
Long before the time arrived..the house was plum, chock full—full
to overflowing.
1857 Olney (Illinois) Times 25 Dec. 1/5 He wur plum crazy fur he
jist spit in his hands an leaped over the frunt uv the pulpit.
a1861 T. Winthrop John Brent (1864) xxviii. 296 When we got
here, I paid their tickets plum through to York out of my own
belt.
1897 R. Kipling Capt. Courageous 21 You've turned up, plain,
plumb providential for all concerned.
1914 E. P. Stewart Lett. Woman Homesteader v, I..told Mr.
Stewart about my talk with Patterson, and he said, ‘Wooman, some
day ye'll gang ploom daft.’
1926 ‘R. Crompton’ William—the Conqueror v. 89 Poor woman! She's
sure plumb crazy!
More recent quotations use "plumb".
http://oxforddictionaries.com/definition/english/plumb?q=plumb
plumb
....
adverb
1 informal exactly:
"trading opportunities plumb in the centre of central Europe"
[as submodifier] North American extremely or completely:
"they must both be plumb crazy"
--
Peter Duncanson, UK
(in alt.english.usage)