That was the intent, apparently. The implementation is questionable, though. There have been exhausting discussions on this option, and you will find then if you use the search feature for it.
My best advice is to try a single veg both ways, set at 1, 2 and 4; then choose which one gives you the best performance.
Also, most of the discussions were with the initial v6 release. Sony may have made some tweaks in the "b" and "c" updates that have improved on the intended performance boost.
Each Opteron core can run its own render thread, so the setting should be 4.
Where it gets complicated/controversial/uncertain is when you are running an Intel processor with hyperthreading. Hyperthreading is Intel's "party trick" to get a processor core to try to run 2 threads at once (because not all of the processor's resources are taken up). Sometimes it doesn't really lead to a performance increase (i.e. Pro Tools), so you may not want it to kick in. Some people are saying hypertheading doesn't do much with Vegas.
Anyways, experimentation should give you the answer.