Simple answer: 'No'. 'Make a big deal of it' simply means you are making it a bit big - possibly, but not neccessarily too big. 'Blow it out of proportion' has a far, far stronger meaning - it certainly is WAY too big.

In the Western US (where I lived for 40 years), the two terms are interchangeable. "He made a big deal out of it." (He had an exaggerated response/viewpoint - often an angry response to a small incident) "He blew it out of proportion." (He had an exaggerated response/viewpoint - often an angry response to a small incident) You can see these exaggerated responses on TV shows. For example, a friend shows up five minutes late at a restaurant and the person who is waiting reacts as if they had been waiting for an hour. Then the two begin to argue and both walk away angry.