No it will not. If you would like to raise your score contact who owns the debt and ask if they will remove the items from your report in return for payment. A paid collection and a unpaid collection are scored the same way
Starting Score: 675EQ 698 TU
Montana is 100% correct. You have some leverage though, ask if you PIF will they remove it from your report. Get it in writing if they agree.
Starting Score: 575 (As Of Early 2011)
Depends how it's reported.. If they update monthly on your reports, paying it will stop that allowing your scores to rise. Also helps on manual review.
Of course as stated above, PFD is always the best outcome!
PFD ...
The good news is your have 5.5 years under your belt and in another 1.5 years, it will fall of your Credit Report anyways. Use this timing as leverage when you call to discuss a PFD. As mentioned earlier ~ get everything in writing. When they realize they will be getting paid on such old debt, most of the time they will agree to just about anything. Atleast that has been my experience!
I was successful in 2 PFD's about 5-6 years ago 
Good luck!
Paying it without deletion will make the collection current when it updates to 0 balance.
If you get a pay for delete, it will just be removed rather than update.
Simply calling about a PFD will not effect the listing, Don't State that you owe the money or accept the debit.. You are just trying to have it removed, if paying makes that happen you will.
As stated earlier, this is all also depending on how it is reporting currently. Some collection agencies update monthly, how is this account reporting?
If you get a pay for delete, it will just be removed rather than update.
Simply calling about a PFD will not effect the listing, Don't State that you owe the money or accept the debit.. You are just trying to have it removed, if paying makes that happen you will.
As stated earlier, this is all also depending on how it is reporting currently. Some collection agencies update monthly, how is this account reporting?