Yes, you will benefit from it, especially if you're using DDM files (connected to another as400) or remote database access to the 400.
You may not see any difference when you're on the outside (because of the T1 bottlenecks), but internally, you should notice a big difference.
I had written some conversion programs a few years back, which I used to run every weekend (some in sequence, and some at the same time). It used to run on a new as400, grabbing data from our existing 400 & converting it for use with our updated software package (we did it every weekend to keep the data "fresh" for training, etc).
Our old 400 was setup for 10Mbps. The new one 100Mbs. I then noticed that the card was the same type on both machines, so I changed the old one.
After I did so, the conversions finished several hours faster.
So yes, it does make a difference.