I don't think so, since a local or public variable should hide a variable with the same name, coming from a higher level.

However, the recommended naming practice would avoid this situation entirely:

public goMyApp
goMyApp = createobj("MYAPPCLASS")

function MyFunct
local loMyApp
loMyApp = createobj("MYAPPCLASS")
return

Note that the first letter indicates the scope - g for "global" (public, can't use "p" since it is the same letter as private), l for "local". The second letter indicates the type of the variable, here, "o" for object.