Not when using standard English rules of grammar and phrasing.
"If it sounds
too good to be true it probably ..."
The underlined is an
adjectival phrase and operates just like a single-word adjective
If it sounds loud, if it sounds high-pitched
The adjective is modifying the subject of the sentence, in this case "
it", thus, the second reference is a reference to the subject (...
it probably ...). In order to change this the new reference would have to be explicitly stated:
If it sounds too good to be true it probably isn't true.
In the sentence "it" is a reference to "a deal" so let's substitute:
If a deal sounds too good to be true it probably is; now it's explicitthe "it" refers back to
the deal so
the deal's quality is implied:
If a deal sounds to good to be true it probably is [too good to be true]
Now, please allow me
Yeah, I'm bored (and a linguist).