Of course it does oO You just scale the projection matrix. Maybe you smooth your lines? and load your graphics with a linear filter and no Midmap?
As said, have a peek at Slick2D. There you have the exact effect in teh Graphics class
Also you might want to go to JavaGamingOrg. The creators and Maintainer of LWJGL are lurking around there :D
btw. I don't know how you set up your viewport and all, so I can't tell for sure :D I know Minecraft does something similiar but I haven't looked into the source for ages and it's a hell of a mess too xD
You can still go with a framebuffer tho. Just bind a buffer draw everything and then render the framebuffer quad to the screen with the scale factor you want. But load the framebuffer with a nearst filter