No, there's certainly no guarantee of anything of the sort. The problem with your conjecture is that it makes false assumptions about study score calculations, which were propagated by Paul's misleading FAQ. It may be a good approximation and overview of the system, but it's not really accurate for exact calculations such as this one.
The second-ranked person does not receive the second best exam score for their SAC GAs. Instead, it's some sort of interpolation between quartiles, for sufficiently large cohorts. A way to think about is to have SAC scores on the x-axis, exam scores on the y-axis and then plot the scores of the top, Q1, median, Q3, bottom person. A curve is then drawn between those point. To figure out your moderated SAC scores, you'd find your SAC scores on the x-axis, then see which moderated score it correlates to on the y-axis.
[will edit to include Mao's helpful chart]
Each GA is standardised separately. And as we've already established that SAC GAs do not necessarily corrolate to exam scores, it means that a 90/100 for SAC GAs might be better or worse than the equivalent in the exam. They have different means and standard deviations.
So the short answer is that yes, it may occur - but there's certainly no guarantee of it.