I would think that it would lower it. That is, assuming that you're not a racer and whipping up a ribbon of oil around your crank ..aerating it and losing oil pressure. Then again, I imagine that there is the obscure possibility that you've got a "deposit line" that resides right above the normal full sump level on the pan that may be liberated as you reform the "bath tub ring".
I also imagine that the effects (not necessarily in respect to wear metals) would vary from engine to engine. I've run my 3.0 Caravan 1 quart over full for many thousands of miles without any notible effects (it's never had a used oil analysis done on it).