Yes, it would, but you might be better served to rethink your app design to return multiple result sets, and/or do most of the relevant joining/filtering on the database, even if your DB is <1ms away from your web farm.

We run a good sized e-commerce site (Alexa top 1000; barely) and our ratio of DB queries per dynamic page is right around 2.5:1. You might not be able to get your query-per-page ratio into that range, but hundreds is certainly too many, IMO. Even "dozens" would be cause for concern, IMO. Moving your webfarm to a different datacenter than your DB is going to shine a spotlight on that problem, but even without that spotlight, you still have a problem.

PS: Even with pushing that amount of work to the DB, we have almost the inverted ratio of web servers to DB servers as you report.