Absolutely not!
He would make it into a military state and lead Konoha into ruin. He is probably going to be set up as an antagonist of the series as well, and killing the communication frog, while probably a good idea in the short run, will only put more suspicion on him later on, especially if Tsunade is to die by his mistake in this matter.
If the battle against all of Pain's bodies gets dragged out, how are they supposed to contact Naruto back?
Plus, now that the frog is dead, what if Naruto tries to contact them? It will get him worried and he might go off back to Konaha anyway.
In the long run, Danzou killing the frog was a very bad idea in my opinion. He could have TRIED talking Tsunade out of it.