No, the golden turd rule is right on. A turd is a turd is a turd, no matter how much production effects you invest in.
The most important priority for a Musician is to write good songs and perform them well. If you're on a budget, only spend money on things that will improve those 2 tasks at first (Private lessons, Monitors, Instrument upgrades)
Too many young bands (mostly in the Punk and Indie scenes) think that they can disguise a lack of solid musicianship by clever production tricks in the studio, or by marketing, or what have you. Thats polishing a turd. Its wrong, and you'll be exposed for it.
Its much better to be a tight, well-rehersed group with clever, catchy songs on a tape recorder than trying to produce awful music with Protools Studio. You would be wasting your time and money. If the orginial product is good, its much easier to get the money and professionals to polish it up. If your product sucks, no professional or tool can save it.