Yes, the Gnostic understanding would be that the Most High is the Supreme Being, and this is the Father. Jehovah would be equated with the Demiurge, and, yes it sounds blasphemous to literalist Christians, but this Demiurge is in fact the Adversary of the Most High. Satan. Also known as Samael, the Blind God.
I have this book, the scholarship is okay but the hyperbole is a little off putting.
"Now when the heavens had consolidated themselves along with their forces and all their administration, the prime parent became insolent. And he was honored by all the army of angels. And all the gods and their angels gave blessing and honor to him. And for his part, he was delighted and continually boasted, saying to them, "I have no need of anyone." He said, "It is I who am God, and there is no other one that exists apart from me." And when he said this, he sinned against all the immortal beings who give answer. And they laid it to his charge.
Then when Pistis saw the impiety of the chief ruler, she was filled with anger. She was invisible. She said, "You are mistaken, Samael," (that is, "blind god"). "There is an immortal man of light who has been in existence before you, and who will appear among your modelled forms; he will trample you to scorn, just as potter's clay is pounded. And you will descend to your mother, the abyss, along with those that belong to you. For at the consummation of your (pl.) works, the entire defect that has become visible out of the truth will be abolished, and it will cease to be, and will be like what has never been." Saying this, Pistis revealed her likeness of her greatness in the waters. And so doing, she withdrew up to her light."
Source and further information:
"On the Origin of the World (Nag Hammadi)"