No. It would totally throw off gameplay. The reason I say this, is the fact that taking two hits to kill someone would make it really easy to die from random spray. Thats not cool at all. The fact is, if the weapons did more damage, you would die that much more. Everyone would. With the long spawn times that are in BF2, it just wouldnt be fun to sit there as long dead as alive. Not to mention, it would really take the advantage away from players who are truely exemplary marksmen, and not random noobs. You are advocating turning BF2 into a spraying noob-fest.
For calling realism, its pretty close already, at least as reasonable as programming will allow. People seem to think in terms of movies, and the fact of the matter is, against personnel, guns are not as effective as most think. It really does take several rounds to kill a person on the spot. I've seen law enforcement videos where a guy has taken 12 to the chest, and still managed to wrestle a cops gun away from him and kill the cop, then lay down and die himself.