In theory yes, but in practice no, you wouldn't see a 33% improvement but cutting only fuel to 2 cylinders (and not closing keeping both valves shut). The amount of energy required to pump air into the "dead" cylinders, compress the air, and then pump it back out through the exhaust negates a lot of the gain. You may still see a small improvement, but the biggest bang-for-your-buck would be lean burn.
When factory engines de-activate cylinders, not only do they cut fuel, the also close both the intake and exhaust valves creating an 'air spring' inside the cylinder. It takes energy to compress the air during the upstroke of the piston, but some of that is regained on the down stroke. This is the most efficient way to do it, and even in these applications, cutting 2 cylinders from a V8 does not result in 25% more fuel economy, because there are energy losses in the system.
__________________
|