Yes and No:
At first I updated the CB login module directly /modules/mod_cblogin/mod_cblogin.php and perfected the look I needed but then the file changed with their update and I had to edit it again ... so next time I reverted to using the standard mod_login as it has a proper tmpl/default.php which I copied into my template /templates/my_template/html/mod_login/default.php and I customized the file so it both works and looks exactly as I need it to... and so far updates have not affected it.
P.S. Joomlapolis could improve the mod_cblogin by creating a proper template file so we could use it.
Hope this helps.