Yes...but the excess gain (+27dB excess) is not going to improves things. It will amplify both signals and noise. I would recommend a 20dB attenuator in line with the output of that preamp. Also, if you live very close to an FM radio transmitter you will want an FM trap filter somewhere inline.
This preamp has an FM notch filter built-in and only 16dB of gain:
http://www.ebay.com/itm/112352540518so you would have 13dB of excess gain after the splitter. I would recommend a 5 or 10dB attenuator in that case.
You can try it without an attenuator to see if it meets your needs.
If you want a preamp focused solely on 118-136MHz, this one will work well:
http://ebay.to/2oeYsqVHope this helps.
-Dave