No, I don't think they would do that, Domino. They may want to get more readings and bump it up at 5am. It's not like she's almost making landfall, so they can't keep the intensity level down. We'd all know. However, with Charley, the pressures dropped to 944 and they still had it as a Cat 1 until it was almost ON LAND...at a Cat 4. Plus, they'd be putting themselves at risk if they downplayed the intensity, which would NOT go over well with the US government.
I don't think Max plays games, they did say it could be a CAT 3 before making landfall, and on the current track it's taking, a Cat 3 is more a probability than a possibility.