Hi Chris,
Short answer is yes ! The different power outputs of these engines was done by effectively just opening the throttle more. More fuel in made more power and of course used more fuel.
This will have reduced the range but the extra mobility was well worth it. Remember that the Valentine was originally designed as an infantry tank and so did not need great range or speed (or firepower). Quite quickly it became necessary to improve the firepower and it then began to be used as a more general purpose tank but it was never going to be one to do long distances or high speeds so range was not too critical.
David
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