Yes it's possible, but not that straightforward. Each time you wish to change a value already submitted to the time series, you'd need to find it in the series again. There are no methods for this, but you can work with the TimeSeries.data property directly yourself.
It's a two dimensional array. The first index is the position in the array (which is constantly updated as old values are removed). The second dimension is [0] for the timestamp, and [1] for the value. So, you can find the timestamp you want to modify, then update the data value.