Absolutely not. Bullies hurt other people for their own nasty and self-centered reasons, and not because they wish to help the people who they are bullying. These reasons include the bully giving themselves a feeling of pleasure from inflicting pain, or trying to compensate for their own insecurities by mocking the problems of their victim.
An argument made in defense of bullying is that is helps to enforce social norms. What is normal, though, and who gets to decide? Even if normality does exist in some form it is not necessarily "good". You could be considered "weird" for wearing a shirt that is not fashionable, and therefore does not conform to social rules concerning what is acceptable, but is it wrong or dangerous? Are you hurting anybody for not wearing trendy clothes? No. From the perspective of many people in the world bullies are the ones who are considered abnormal; so by the logic of bullies, and the strange creatures who defend them, they are the people who should be disciplined and have their behavior corrected, and not those who fall victims to bullies.
...For example: if an individual is experiencing bullying due to being overweight then the bully is not actually concerned with the victims weight issue(s), or how it will have a detrimental affect on health; the bully has simply identified a negative quality in their target that can be exploited under the guise of "helping" their victim. If the said person with weight issue(s) was not overweight they would still likely experience bullying, because the bully would just search for something else to latch onto; it could be your shoes, your voice, your choice in music or many other petty reasons.
The act of bullying is just another form of abuse - nothing more - and any positive justification for it is simply a pretext.