Increasing Digital Video Resolution

Would you get a better image quality from a video captured at 160x120 if you increased its resolution in a program like VirtualDub to 704x480, using the Lanczos3 filter mode, saved the file, then loaded the saved file and decreased its resolution to 352x240, using Lanczos3, instead of just increasing the 160x120 file to 352x240?

Phew.
 
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