Theoretically I would have to say yes... Just because of the current business model of artists that have managers, lawyers, and publicists to handle all of that stuff for them so that they can be free to be creative...
Personally with all the technology out there in 2010 I believe if you have the aptitude to wrap your mind around the business and what technologies can help you permeate it, you could develop a name for yourself doing it on your own for a while. At least until you get to a certain level.
Again, if you have the aptitude.
I couldn't imagine not being hands on with the business portion of our career. Even with a manager. The business portion is just as fun and frustrating as the music portion. I guess I have a knack for both.
It doesn't pollute creativity, but it definitely cuts into the time that one has to be creative.
The business of music is definitely a full time job. And so is the creative aspect of things.
But when I do have time to be creative, I'm just as creative. Actually, being involved in the business makes me pay attention to trends, etc. So it actually helps me in making music.