Yes provided that your lower level characters are in a party of 2+ characters and only pets damage the mobs after the lower level character(s) tag the mobs.
That means if both characters are in range then both split the XP. If you really only want to boost 1 character then you need to allow the other to die and stay at a Grave Yard far enough away to not get XP.
Note that it does not need to be a Hunter's pet as Warlock pets also work (but Hunter pets are likely much better).
Edit: It has been discussed in various threads that this approach works fantastically at the lower levels but tends to peter out depending on the number of hunters which is why for a 5boxer the optimal pet tagging group would likely be 3 Hunters with max beast mastered pets considering you need to have at least 2 alts being boosted.
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