Not really - penetration wasn't a concern, as armoured warships per se didn't exist yet (and ships with heavy wooden sidewalls that might endure the impact, such as a ship-of-the-line, are not the business of a sloop to engage...). The intent of the shell's low velocity is to avoid overpenetration.
The closer analogy to what you're thinking of is the true Dahlgren guns of the Civil War period, and unfortunately this is an inferior way to penetrate armour - experiments in Britain at the time confirmed that armour penetration could be strongly predicted by the force per unit circumference of the round, and for that you need a round as small as possible for a given momentum (and higher velocity is extremely important, the force goes as the square of the velocity).
In British service, the way it was handled for ships that might fight liners was that they carried both heavy shell guns (such as 8" guns) and armaments of long guns (such as the 6.4" 32-pounder or the 8" 68-pounder). The long guns would have more penetration when firing shot.
Though an interesting aside is that US fuze times for shells were surprisingly long - this wasn't such a problem with the slow shells which were intended to avoid overpenetration, but for the bigger and higher-charge Dalgren guns of the civil war period this could mean shellfire functioned as inferior solid shot against targets within a few hundred yards.