ABSOLUTELY NOT!!!!
Sorry to be so emphatic but that is NOT how the PAR menu works… it is NOT a convert… rather an interpret…
Changing it there does not reshape your pixels .. it only changes how they are viewed. You must MANUALLY distort first… (ie 720 X 540 resize to 720 x 486 and then reinterepret those as D1). That menu simply changes how the image appears on your computer monitor and has NOTHING to do with how it displays in a video environment,
Plus… unless your text is all vector…. you can’t up rez
And if it IS vector… then simply import into AE and use Layer > Convert Photoshop Text to Vector (or something close to that)