No, it is not the Way and the Truth. Jesus is the Way, the Truth, and the Life. The strictures of the Old Testament were meant to keep people within the bounds of being the people separate and purposed to demonstrate God s highest standards. It was always in the back of my head the reality of the back of my father's hand... and I respected him for it. Further, my relationship with my Dad rose to new heights when we spent time together as grown men. I think that was the purpose of the Law.
The apostle Paul saw the Law as guradrails to guide us to Jesus and the Gospel, the new life. A synonym for testament is "contract" - a formal agreement. In that way of thinking the new contract God has offered everyone supersedes the old contract agreement, replacing it with "the perfect law that gives freedom."