In a word, no. Using the tag in a drawing that did not have it before should bring in any new Display Representations that you may have used in conjunction with the view block assignments for the tag's Multi-View Block, but it would not make changes to the Display Representation Set(s) [DRS] (or, if needed, to the Display Configurations [DC]). Each drawing file's display settings are an island unto themselves. Unless you are using Project Navigator, in which case the Drawing Standards feature might ease the process of updating Display System settings changes.
I am still doing production work in the dark ages (2004), where only the current drawing is available in the Display Manager, so I do not have a lot of experience with this, but you should be able to use the Display Manager to update the any changed DRS's and DC's as well as copy over any newly added Display Representations. Once you are satified with the settings, you will definitely want to get them into your template file(s) so that any newly created drawings will be good to go from the start.
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David Koch
Autodesk Discussion Group Facilitator
Using ADT 2004 at work; access to 2005, 2006, 2007 & 2008 at home