No. Use POST for login forms.
Don't do any of your own encryption, that is pointless. If you want stuff encrypted to/from your web server, use HTTPS.
Anyone intercepting the URL, could simply use it unmodified (assuming the encryption was still valid) and it would still be decrypted, thus enabling them to access the site (even if they could not find the password).
Therefore, this would be password-equivalent, so you may as well not bother.
Mark