There were periods in the geological timeline where photosynthesis >> respiration and the result was massive accumulation of coal and oil deposits, such as the during the Carboniferous era (~350 million years ago).
Of course there are many good reasons to do reforestation - prevention of erosion, a supply of timber, habitat for wildlife, retention of water, etc. Offsetting fossil fuel emissions is not one of those reasons.
[edit: on medium length (10K year) timescales, there is an effect of storage of photosynthesis products, one that's involved in the past ~2 million year ice age cycle (with periods of around 100K years). There are two processes: storage of photosynthetic products in the deep ocean, related to decreased circulation, and storage in permafrost, related to growth of permanent ice, that slowly decrease atmospheric CO2 during the descent into ice ages.]