Unfortunately, I must say no.
This is because you would get messages in your email box saying that you have a new message in your PM inbox, and that message would say you'd got a new message in your guestbook. (The reason why I set email on new PM as a default is that these messages are most often more important than profile book messages if only the receiver is allowed to read it.) It would be easier just to leave the profile book on in this case.
Then again if new PM emails would be turned off, you'd have to go through 3 before you get to your profile book, which would greatly decrease the usability of the community system.
I'm afraid only way to do this correctly is to make changes in profile book and the login module:
Luckely the changes aren't that big, (see my post at the bottom of page 2 in this thread). It would only require a new field in the edit section of the profile (there where you can decide wether you get an email on new post etc.), that is hidden everywhere apart from in the actual database. (Why here? So it stays in the profile book plugin, which is easier to find etc.)
The post new message button would require a set to 1 if not 0 (or a +1 as you can read in the post at the top of this page).
The login module would get a new notifier (such as the connections and the pm notifier) that read the new field in the database. If 1, it would say you've got a new message in your profile book and if you click on it or if you click the reset button (set to 0) in your profile book the message would dissapear. (etc. etc. see page 2 at the bottom).
Another psychological thing is that when you use the email function, there is a dependancy on a completely different website. If you're, for example, on vacation and you get into an internet cafe and you want to check very quickly (because it's costly and you don't want to be sitting there al holiday) if you've got new messages, you shouldn't go to 2 websites, but just the one community site. This would keep bringing back people to it and so make it more popular.