I tested this out, and the answer is No. If you put a Sensu Oricorio in the nursery, it will breed only Sensu Oricorio.
However, if you wish to change its form, you can use Yellow/Pink/Red/Purple Nectar to change it to the form you want. But, you can only find these in the Oricorio's respective meadow (or in Royal Avenue for Pa'u Oricorio), so if you want a Sensu Oricorio, you're gonna have to wait til the end of the game.