Conceptually yes, but in reality the benefits are very small and swamped by more serious (and less easily addressed) issues.
On AC motors, of the type you describe, the rotating rotor is attached to a shaft, This shaft runs all the way through the body of the motor and rotates in two bushes placed at the top and the bottom (above and below the rotor). Inevitably a bit of slack exists between the two bushes. As standard, gravity means that the rotor rests against the face of the lower bearing. If one uses one of these adjustable thrust-pads, one can adjust the ride height of the rotor so that it rides between the two bushings. This should, in theory, reduce friction and noise. However, friction is not entirely reduced and, in any case, is swamped by main bearing friction and electrically induced vibration/cogging effects.