It'll help with cooling down at low speeds or at a stop, but at high speeds, that high pressure zone plays all sorts of havoc with air flow. Wouldn't be surprised if propping it up too high results in flow reversion.
But this is highly dependent on the aerodynamics of the car, and how effective air flow is managed through the engine bay. Some people have tested and seen a drop in temps (and, obviously, if you have an ITB set-up with the trumpets pointing towards the rear firewall, you WILL get more air in them), some have tested and have seen a rise in temps.
This is one of those big YMMV things. For most (modern) cars, the most aerodynamic and effective solution is venting the front end of the cowl, to better pull air through the radiator. Or, if you want more cooling, start sawing away at the fake, blocked off parts of the grille.
Of course, if you've got a Mustang, which has a big old parachute of a front grille, any extra venting up top will be effective. There's no way the high pressure zone up top is worse than the one underhood, which is strong enough to cause hood flapping at high speed.