My guess would be that NO ... it wouldn't work! I would think that you would run the chance of popping out a straight edge before a dent. Then you'd run the risk of waisting a tank, and making it turn out like a ballon.
Even if you could it would be very dangerous. We're not talking about 70 to 100 psi here. We're talking about enough pressure to cause an aluminum tank to explode, or better yet, a glass bottle. If that gives you a better visual!
Oh and for the comment:
If you know what you're doing, this won't happen.
There's no way! You mean to tell me that you already know the stress point for the metal you're manipulating. Then you go and gamble on the fact that the tank's metal may be uneven in thickness at certain points. It's Metalwork 101. Never force untested metal cylinders with pressure from the inside out! You're asking for a bomb. Why do you think that air compressor's walls are so darn thick? Because that's what it takes.