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Yes. Think of it: You have the dropcap as high as two lines of text and the empty space between them. If you use a bigger font, the margin will be bigger too and so the third line will be moved a little downwards.
A similar effect will occur with a capital letter at the beginning. If you use a bigger font, the margin below this letter will increase too and so you get a higher margin to the following line whereas the other lines with margin will be shown with correct proportions. You can see this effect also when creating your e-book. Play with 1.2em, 1.4em, 1.6em for the capital letter. You have to tweak it with margin-bottom like 0.8em.
George
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