No, Fake Out+Normal Gem has merit as a basically guaranteed speed boost (since Gliscor, Vaporeon, Politoed, and Blissey/Chansey are the only even remotely common pokemon that run Protect on their standard sets), and Hitmonlee will never muscle through Gliscor anyway. Close Combat is inferior since he won''t have any chance at all to survive priority then, since at -1 Def Conk's unboosted Iron Fist Mach Punch 1hko's after SR, meaning that other unboosted priority at that strength level will also 1hko. Also, the extra 10 BP is actually noticeable for guaranteeing some KO's, as is shown here:
Jolly HJK vs. 4/0 Ludicolo: (89.70% - 105.65%) (guaranteed 1hko after SR)
Jolly CC: (82.72% - 97.67%) (50% chance to KO after SR)
Jolly HJK vs. 4/0 Kingdra/Serperior: (72.16% - 84.88%) (guaranteed KO after Fake Out+SR, likely KO after switching into SR twice)
Jolly CC: (67.01% - 78.69%) (almost impossible to KO after switching into SR twice)
Jolly HJK vs. 4/0 Genesect: (74.47% - 87.59%) (basically guaranteed 1hko after SR twice or SR+Spikes)
Jolly CC: (69.15% - 81.21%) (50% chance of the same 1hko)
Jolly HJK vs. 252/64 Ferrothorn: (85.80% - 101.14%) (40% 1hko chance with just SR)
Jolly CC: (78.98% - 93.75%) (impossible to 1hko with just SR)
Jolly HJK vs. 4/0 Latios: (39.87% - 47.18%) (potential 2hko with 1 hit of SR)
Jolly CC: (36.88% - 43.85%) (requires sandstorm+SR to guarantee a 2hko)
Jolly HJK vs. 4/0 Infernape: (90.44% - 106.83%) (guaranteed KO after SR)
Jolly CC: (83.96% - 98.63%) (not guaranteed)
Against things in roughly the same class of bulk as the above, HJK grants guaranteed KO power, whereas CC falls short.