Short answer - maybe
Long answer - we have many reports from folks that tell us that the Range module not only improved drivability and made the vehicle more enjoyable to drive BUT it either greatly lessened or even stopped the oil consumption issue.
Naturally, these results will greatly depend on the CAUSE of the oil consumption. In a great many of these cases, it seems to be directly related to the AFM system being in V4. The oil tends to be splashed around on the top end of the motor components and over lubricates the valve seals and gets sucked into the PCV system when in V4 mode.
After a couple of thousand miles using the Range V8 module, being in V8 mode seems to prevent or reduce the oil splash on the valve guides/ PCV system and possible oil ring "gumming up" problems and help burn off deposits and free up the rings. This results in the oil consumption dropping to what most of us consider a more "normal" (i.e. a quart every 2-3K miles or better) instead of 800-1000 miles that some people are reporting.
Of course, that said, there's no magic here ... if there is mechanical damage such as scored cylinder walls, broken components or oil rings that have lost tension, bad valve guides, etc. then no electronic gizmo is going to fix that. Unfortunately, that means mechanical measures need to be taken to address the problem.
GM has a TSB that involved redesigned lifters and baffling in the valve covers to address this issue mechanically, but it involves significant engine work to implement and it's hard to get it performed on older vehicles without spending some serious $$$$. The Range V8 can be a cost effective alternative to lessening the problem with a simple plug in solution.