Eh sorta. The way damage multipliers work is a bit different, with FoF being 3% more damage at the cost of 5% speed under FoW. FoW still wins out handily long-term though.
"Wait where'd the 3% come from?" Glad you asked!
So buffs all multiply off of each other in this game. For example, Twin Snakes (10% more damage) multiplies whatever damage you would have done by 1.1. Fists of Fire is also 10%, so it multiplies the damage by 10% as well. So two +10% buffs are +20%, right? Nope! Going from no buffs at all to both of those, you would get: (100% * 1.1 * 1.1) = 121% damage. Sure it's only 1%, but it adds up when you factor in things like Riddle of Fire, Brotherhood, Fists of Fire, GL3, Trick Attack, the Dancer buff, Devotion, Embolden, etc. etc.
Greased Lightning is a slightly odd duck in that you don't have 3 (or 4) Greased Lightning buffs active, but rather one buff that overrides itself. Greased Lightning 3 is 30% damage and 15% haste, and GL4 is 40% damage and 20% haste. Since all the other buffs help both equally, let's compare GL3+Fists of Fire VS GL4.
GL3/FoF: (100% * 1.3 * 1.1) = 143%.
GL4: (100% *1.4) = 140%.
So yeah, GL3/FoF is technically more damage to your oGCD skills than GL4, if only slightly. This is why the Monk opener stays in FoF until the first Riddle of Fire is done -- the extra 5% haste won't be enough to get another GCD under RoF, but the 3% damage will help all your oGCD skills. After the first one though, you're best off just sitting in RoW and GL4 for the rest of the fight. Switching back and forth isn't worth it past the opener.
And I guess if we wanna be really pedantic, going from 115% to 120% haste is only a 4.34% boost in overall speed, which is still better than 3% damage. Also there's considerations for a new rotation at high enough speeds, etc. etc.