yes, but not much and as I said before, I wouldn't advise playing with it as it's not likely to have good overall results.
The reason newer HP cars with electrical controls for that have an advantage is because the cam timing is adjusted in either direction depending on demand. On an engine where it's not electronically controlled, if one adjusts it to "possibly" react more favorably at low rpms (for example), you'll lose power at higher rpms. Electronics make it so you'ld have the best of both worlds ideally.