You mean like a KNS80/81? No, you need DME for that since you need bearing and distance to do VOR-shifting. THe GNS430 has no DME.
I don't know if the original question meant doing VOR-shifting in the sense that an RNAV box does it using an actual VOR and DME or whether they meant achieving the same thing using the GPS. If the former then the above is right: no you can't. If the latter, then as I've said, you can do it using the GNS430. You can use a radial and a distance from a VOR to define a point, which is
effectively what a KNS80 does.