Yes and no.
You can increase the thresholds before SOIC will be active or other wise you will need to disable it.
I recently had the pleasure of meeting Duncan Epping (Tech architect at VMware for SOIC). He has an excellent blog post on SOIC here and there is a known KB about this here
I would have a read of these and this should give you the information to be able to decide if you should or shouldn’t disable SOIC.
An Extract from the KB shows the No part of my Yes and No.
"Note: SIOC can be used even when External Workloads are using the
same underlying storage array as vSphere. This could be detrimental to
the I/O performance of the virtual machines. To function in presence
of external workloads, SIOC needs to throttle virtual workloads;
around 10% average if the external workload interference is
continuous. If this is not acceptable, currently, disabling SIOC is
the only solution. But, if the external workload is temporal, for
example, for a few hours and there is sufficient capacity on the
array, enabling SIOC acts as an insurance against IO performance
problems that may happen due to mis-configurations in a shared storage
virtual environment. "