I'd say yes, while not a huge difference in most cases....normally 24 bit gives you more headroom.
If you're 24 bit master is really 'full' and has not much room left....converting to 16 bit might sound bad....you'll have to try I guess.
From what I understand, masters for iTunes etc sometimes are made from 24 bit and then a seperate master is made for CD in 16 bit..
I'd choose 24 bit to make the MP3 always.