Sort of -- you can have the operator* return an instance of another class, rather than returning a reference directly. The instance of the other class then defines both a conversion operator and an assignment operator.
(In your sample code, it looks like you've overloaded the multiplication operator when you meant to overload the dereferencing operator; I'll use the dereferencing operator below.)
For example:
class my_class
{
friend class my_class_ref;
public:
my_class_ref operator*() { return my_class_ref(this); }
private:
int value;
};
class my_class_ref
{
public:
operator int() { return owner->value; } // "observe"
my_class_ref& operator=(int new_value) { owner->value = new_value; return *this; } // "assign"
private:
my_class* owner;
my_class_ref(my_class* owner) { this->owner = owner; }
};
There are some caveats. For example, as my_class_ref is implemented with a pointer to its parent class, your code must be careful that my_class_ref always has a lifetime shorter than the lifetime of the corresponding my_class -- otherwise you will dereference an invalid pointer.
In practice, if you pretend that my_class_ref doesn't exist (i.e. never declare a variable with that class) it can work very well.