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speaking as a non-engineer (so I may be wrong): I say yes. Obviously with the same ratio, many things will be the same.However, if we extend this to the ridiculous limit: is there a difference between 16:48 and 3:12, how about 400000:1600000? The number of teeth on the wheel will have some bearing on the stability of the system and how well it handles stress. Also, if the links in the chain are a fixed size, then this means the sprockets with more teeth will have a greater diameter (and hence greater mass), so there may also be some increase in the inertia of a larger system, as well as more energy expended in spinning it up (which may be negligible, but again, not if taken to the ridiculous extreme...) Or, as the number of teeth increases, the chain needs to have smaller links to fit, which may eventually cause problems in performance (or manufacturing expense).