No. because MyIEBitmap.VclBitmap is a TBitmap regardless of the file type that is loaded.  Although Nigel pointed out that you may not be able to assign a TBitmap to TGraphic, but you could also try to assign to TPicture or TBitmap.  TBitmap will work for sure.
Here is some tested code:
function DownloadUrl(AUrl: string): TBitmap;
{ Download a bitmap from a url. }
var
  iIEBitmap: TieBitmap;
begin
  iIEBitmap := TieBitmap.Create;
  try
    if iIEBitmap.LoadFromURL(AUrl, '', '', '') then
    begin
      { Resample the TIEBitmap to 50% }
      iIEBitmap.Resample(iIEBitmap.Width div 2, -1, rfNone);
      Result := TBitmap.Create;
      iIEBitmap.CopyToTBitmap(Result);
    end
    else
      MessageBox(0, 'Error downloading image.', 'Warning',
        MB_ICONWARNING or MB_OK);
  finally
    iIEBitmap.Free;
  end;
end;
procedure TForm1.DownloadClick(Sender: TObject);
{ Download a bitmap from a url and assign the bitmap to TImageEnView. }
var
  iBitmap: TBitmap;
begin
  Screen.Cursor := crHourGlass;
  try
    iBitmap := TBitmap.Create;
    try
      iBitmap := DownloadUrl(Url1.Text);
      ImageEnView1.IEBitmap.Assign(iBitmap);
      ImageEnView1.Update;
    finally
      iBitmap.Free;
    end; 
  finally
    Screen.Cursor := crDefault;
  end;
end;
If you really need a TGraphic use a TPicture instead.
When the type of graphic is known, store the graphic in its specific type object. Otherwise, use a TPicture object that can hold any type of TGraphic: 
function DownloadUrl2(AUrl: string): TPicture;
{ Download a TPicture from a url. }
var
  iIEBitmap: TieBitmap;
begin
  iIEBitmap := TieBitmap.Create;
  try
    { Load an image from a url }
    if iIEBitmap.LoadFromURL(AUrl, '', '', '') then
    begin
      { Resample the TIEBitmap to 50% }
      iIEBitmap.Resample(iIEBitmap.Width div 2, -1, rfNone);
      Result := TPicture.Create;
      { Copy the TIEBitmap to TBitmap }
      iIEBitmap.CopyToTBitmap(Result.Bitmap);
    end
    else
      MessageBox(0, 'Error downloading image.', 'Warning',
        MB_ICONWARNING or MB_OK);
  finally
    iIEBitmap.Free;
  end;
end;
procedure TForm1.DownloadClick(Sender: TObject);
{ Download a picture from a url and assign the bitmap to TImageEnView. }
var
  iPicture: TPicture;
begin
  Screen.Cursor := crHourGlass;
  try
    iPicture := TPicture.Create;
    try
      { Get the TPicture }
      iPicture := DownloadUrl2(Url1.Text);
      { Display the picture }
      ImageEnView1.IEBitmap.Assign(iPicture.Bitmap);
      ImageEnView1.Update;
    finally
      iPicture.Free;
    end;
  finally
    Screen.Cursor := crDefault;
  end;
end;
Bill Miller
Adirondack Software & Graphics
Email: w2m@hughes.net
EBook: http://www.imageen.com/ebook/
Custom Commercial ImageEn Development