Constant comments on Meta: Karma and lesswrong mainstream positions - Less Wrong
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Probably. But suppose you want to increase your paperclips per unit of effort. Then that point won't really help.
If someone wants to up their account karma per unit of effort, there are ways.
Rather than writing one long comment, splitting it into two gives you the chance to garner two upvotes per fan instead of one. If your comment is a mix of good and bad points, dividing it may separate the gold in your comment from the lead.
Putting a lot of effort into your comments can backfire, because hard to write can mean hard to read. If your long comment isn't read, it probably won't be upvoted.
Repetition works. If you notice that one of your comments got a lot of karma, repeating the performance can multiply your profit.
So: does effort pay off? I'm sure it does on average, but from what I've seen, the variation is very high.