No, because foreign players have made the PSL what it is. They are the ones who have attracted the big money and the sponsors. Without foreign players, the PSL will be reduced to the level of the National T20 Cup.
Anyhow, the idea of the PSL teams playing T20 matches outside the PSL is not very appealing to me. Even though it is unlikely, I would like the PSL franchises to establish teams in F/C and List-A.