Oh yes it does! Haven't you ever noticed that a line casts better than it ever has right before it's time to replace it? Just gotta clean it up and fill in those cracks with something that is slick, repels water, and will stay put awhile.
I have a bunch of those Cortland pads, but that stuff doesn't last but a day or two at most. Whatever RIO uses seems to really bond well. I ordered some of the stuff Ronnie suggested, so we'll see.