No, it won't do that. There's only so much they can do to get a better picture from a standard analog source picture. Even the HD DVD players, in my opinion, aren't that much better then a normal 3:2 pulldown progressive player.
That, and the upconversion on DVD players will send the signal through DVI/HDMI -- so it's a digital signal. I figure with HDTV and Blue-Ray/DVD-HD coming soon, it's not worth me worrying about an upconversion on an analog TV source.
Others may disagree, but that's my opinion.