Unfortunately, your comparison sentence ("As much as you can, you will be happy") doesn't make logical sense to me but, yes, "as xxx as" is similar to what I think you're getting at. Here's some other samples:
"As tasty as this strawberry ice cream is, I prefer chocolate"
"As interesting as this book is, I don't have time to finish reading it now"
"As fantastic as it seems, I believe in aliens"