Over a long period of time. I would say yes. While the O2 might have to come from the CO2, Volcanic eruptions can release massive amounts of it rather quickly. Once its there the pressure should remain the same while its converted, but its still increased because you added something that wasn't there in the first place (to what is pretty much a sealed experiment) I'm not sure though how the expansion of the atmoshpere works as this could release pressure, but then you also have the problem of the atmosphere actually "breaking" off or becoming lost in space (which I believe has happened before)I understand that you are assuming that the oxygen is just appearing from nowhere. If that's right, than the "No mass is created, all is transformed" basic law of universe went were? I'm assuming (ASSUMING) that all that oxygen came from the Carbon Dioxide provenient from the erupted volcanos (sp.).
What also needs to be considered it that its not only the CO2 (and a whole lot of other nasties) that are suddenly being released. You do most of the time have magma rushing into the ocean. This will cause huge amounts of steam.
Liquid water becoming water gas (steam) at constant volume, generates a pressure of 30,000 atmospheres.
Lets go back a few million years where we have not one volcano erupting every century, but a few of them going off daily. I think its quiet possible to assume that the atmospheric pressure could rapidly increase as if it appeared to come out of no where?