I'm no expert, but given the RAAF's threat environment, I'd say no.
You have to remember that during basically the entire Cold War, most of the Canadian Armed Force (RCN and RCAF, specifically) were geared towards countering the Soviet Navy attempts to disrupt NATO lines of communication across the Atlantic. Basically think
Battle of the Atlantic 2: Redux, but replace "Dönitz" with "Gorshkov". This was fine with Canada. It made the most sense with their geography, immediate threats, and expertise post-WWII. They adopted the Sea King helicopter in 1963 (!), years before the UK and over a decade before Australia. They pioneered the very concept of ASW helicopter frigates, a couple of decades before the US finally gave up on DASH and got its act together. And, they independently developed the world's best ASW aircraft until the Orion came along, the CP-107 Argus. Why does all this matter? Well, when you consider Canada's focus on ASW, a 3% improvement in speed is well worth it when it comes to overall performance. The RCN and RCAF were expecting to encounter the best the Red Banner Northern Fleet could throw at them from Day 1 of any conflict.
By contrast, the RAAF, while a very professional organization, was never expected to serve the same role in the Pacific, a much lower threat environment, by comparison. The Soviet Pacific Fleet had about half the complement of ships that the Northern Fleet had for much of the Cold War, and these were often a bit older and less advanced on average. Likewise, the US Navy was far larger, more capable, and forward deployed compared to the Australian Navy in the Pacific, and the Pacific Fleet would have to get through the USN and JMSDF before Australia would have to handle them anyway. Japan's Orion fleet alone was more than five times as large as Australia's. During the 1980s, it's an open question whose side China would even have been on—if any—so it's no guarantee that their Romeos would have played a part in a hypothetical conflict.
I think an exciting ASW day for the RAAF in a live conflict might be picking up an Indonesian Whiskey. That's basically a warmed over Type XXI being operated by effectively a first time submarine operator that hasn't had user support for a couple of decades.
So, it may help, but I don't suspect it'll be worth losing the USN (and potentially JMSDF) Orion fleet commonality given Australia's likely threat environment.
Cheers,
Logan