I'm no doctor, but I think yes, it would take it down a notch. I would think it would all be about the nutrients in your blood. When you're stoned on an empty stomach it's mostly THC in your blood. But after you eat and digest a little then it would be less concentrated because of the nutrients. (I'm not talking nitrogen and shit. I mean the proteins and whatnot.)
I would think it would be the same for pills