The simple answer is no. You are right in adding multiple layers referencing the same GIS Resource is the way to go. In addition to this if you were to have the 2 resultant layer in a Group Layer then you can control them as if they are a single for some things. This is the workflow I have always used, and one I also use for the generation of Map Services as it does allow for far greater control of layers.
Looking at the comments Cartographic Representations will also require the same methodology as it is an actual field in the geodatabase you are using for the symbology. So if you have different symbology for the same feature for a different scale you are changing the field that the representation points to.
If this is very important to you I would suggest that you head over to http://ideas.arcgis.com if it isn't there already added there. If it gets voted up then it may get in a later release.