It should in theory.
max_user_connections - this limits only the number of simultaneous connections made using a single account.
- The number of queries that an account can issue per hour
- The number of updates that an account can issue per hour
- The number of times an account can connect to the server per hour
- The number of simultaneous connections to the server an account can have (as of MySQL 5.0.3)
This little bit of code takes multiple mysql user accounts (all with the same password) and spread the questions between users at random.