If it meant the former, I would take the loli pill if the (unlikely) circumstances called for it. Why not? If it meant the latter, then you would have to tell your libido "no" a lot, but it wouldn't necessarily lead to doing bad things. I doubt it would be worth the hassle, though, except in very special circumstances.

Actually, the biggest drawback to either version of the loli pill would probably be how society would react if they ever found out. It probably wouldn't matter if the one you're sleeping with is really 700 years old; you'd still get put on every sex offender registry out there, and shunned vigorously, at the very least. People are damn tense on this subject. Just look at how much trouble Christopher Handley got in for his manga collection.

Edit: I felt pretty uncomfortable writing this post, even though I know I shouldn't be. Looks like this really is a good question.