I would say yes, but my experience is with a lawnmower. I bought a new one in May and started using 0-30 (M1). It would puff smoke on start up. I swtiched to 10-30 (SuperTech) and no more smoke.
My TL felt faster when I switched to the straight 30wt, especially at WOT and in vtec. The only explanation I can think of would be ring seal. Now of course that's using the butt dyno so I really hate to say that without numbers.
I have to wonder if oils that stop consumption provide a better ring seal or just don't make it to or past the top compression ring.
To support BGN's observations, I'd venture to say the least VI modified oil seals the best. Another way to put it might be that the most dense fluid seals a ring the best much in the same way tar can seal a roof, but not shaving cream.
As I understand it, thin oil gets into and lubes the ring/land area better than thicker oil.
But as for sealing a bad ring/bore area that causes oil use, a thicker oil usually helps.
Thanks all for putting some more technical thought to my pondering. Id been told awhile ago when dealing with a fuel diluting EVO to stay with a 10w to help ring seal, which did stop the fuel dilution completely. Never had too much tech put to it though.