No, on the the contrary it would be better to use the lower Swapfile amount
The issue with Swapfile size is it's a matter of playing around with the Min\Max amounts until you get it right (well, when it seems more responsive)
Note: I always place the same amount in both Min and Max settings, to increase stability.
I got down to 50Meg at one time, but am now running ~1.5Gig (Min and Max) on 3Gig installed Ram (and also placed on another drive, to increase speed)
No one seems to be able to provide the definitive rule, because 1.5X or whatever Xp reports that you should have, is not correct in my honest opinion.