Yes: a deterministic LOCC protocol exists for every allowed value of the parameter. Here is an explicit implementation, so existence does not depend on merely quoting a pure-state conversion theorem.
First convert the input Bell state to by local unitary operations:
Write and . Alice performs the two-outcome measurement in quantum mechanics with Kraus operators
They define a physical measurement in quantum mechanics because
Acting on , the unnormalized branch vectors are
Both branches have probability . Alice communicates the outcome to Bob. If it is one, both apply the Pauli X gate; this turns the normalized second branch into . If it is zero, neither applies this correction. Finally Bob applies a Pauli X gate in either branch, obtaining
Every outcome produces the same target pure state, so this is deterministic local operations and classical communication, not a successful branch selected by postselection. This two-outcome LOCC dilution of a Bell pair remains valid at , where the output is a product state, and at , where it is another Bell state.
The target Schmidt coefficients are , while those of the input are both . For an interior value , local unitary operations alone could not change these Schmidt coefficients; the local measurement in quantum mechanics is the step that reduces the entanglement.