Oil will not make old seals new but depending on the viscosity/polymers in the oil it may be less likely to seep past the old seals. As mentioned above the oil consumption in one of my 80's went down ~25% just with the change of the oil brand/viscosity (Chevron Delo 400 XSP 15W-40). This has been shown by others on the forum who switched for example to either of the Rotella 15W-40 oils from lighter viscosity oil. Of course at some point the valve stem seals will need to be replaced.
This has been an understood mud philosophy grounded in accepted fluid dynamics. Any thought about additional engine wear from higher viscosity fluids not getting where they need to be before they heat up and flow better? Similar to cold start wear?