Hmm... I don't think that the WHP increase corelates eith the percentage of gear leverage increased.
I would think that by the seat of the pants you could feel a definite difference though.
To put it into perspective, I don't think that you could expect 400 extra ponies at the wheels from a 4000HP top fuel car by up-ing the gear ratio 10%. It's an extreme, but helps demonstrate how the two percentages are not equal.
Then again I could be wrong... Good discussion point Spy.