Joined: Nov 2004
Posts: 824
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From: parts unknown
Bikes: surly steamroller w/coaster brake, electra single speed cruiser, specialized rockhopper commuter, no-name single speed folder, 700c ultimate wheel, 24" unicycle, specialized bmx lsd, single seat single speed huffy tandem, pink upsidedown parade bike
In theory your cog and chainring will last longer the more teeth they have (spreading out the wear over a larger surface area), but I haven't heard about that applying to chain life as well. The opposite might be true for chains, in that they'd be in contact with more teeth per revolution.
Realistically it's probably not going to effect things enough to worry about, but it wouldn't hurt to try it if you have the parts laying around.