No, on several points:
1) M2 Ball's original velocity specification was 2700 fps at 78 feet, and was loaded with IMR 1185, which operated the system just fine, as testing in 1939 showed. M2 AP was not available for this test, as it was under development at the time. (New Front End Assembly for the US Rifle,Caliber .30, M1)
2) In late 1939, M2 Ball's velocity was increased to 2740 fps at 78 feet, and the propellant was changed to IMR 4676, a faster powder than IMR 1185. This change in powder reduced the port pressure requiring the gas port diameter to be increased by 15% (Measurement of Muzzle Pressure in Caliber .30 Rifle, M1)