Yes and no for a correlation between the two. It's not a straight up predictor of size, but the size of the feet, hands, and genitals are all controlled by the same set of genes, known as the Hox genes. So while the size of all those extremities are determined independently, a mutation of those genes will likely be expressed among all said extremities as well.
Hand-Foot-Genital Syndrome - Wikipedia, the free encyclopedia
Deformities are much more likely to result than a uniform increase in size, but it could possibly happen. There's no real way to use it as a predictor of large penises though.