Not exactly, no. I suspect it would be a useful increase, especially due to the additional cache.
Consider this, though... P3s are horribly over-priced now (>300USD). For the cost of a Tualatin 1.4 you could buy a faster Athlon, a new motherboard and some DDR. I wouldn't bother making that upgrade. e.g.
Athlon 1600+ 61 USD
256Mb DDR2100 74USD
EPOX 8K3A 100 USD
Total: ~ 235USD
This combination would whup the P3 in most applications. Your money? Your call...