If you could imporve your body's ability to utilize oxygen, then yes, you would reduce this oxygen defect. From what I've read and Dr. Godard has said, interval training will increase your LT, lactic threashold. This is much more 'flexible' when compared to VO2, or amount of oxygen consumed per minute. If you can increase your LT, then you would be able to push yourself harder for longer periods of time.

I guess, yes, interval training would increase your number of 'winds'. However, I dont think that is the right word we're looking for but it seems to work .