It should... just buy the thickest one you can find, and then buy an additional, single el-cheapo (as in about $1) plain wax ring. If need be, you can add the second ring to make up the difference.
The key is that the flange and the ring on the bottom of the bowl must both contact the wax to achieve an air-tight seal.
[EDIT]I defer to the plumber below me. If he says that 1/4" is the most he would go, then I would heed his advice. As I said, the double-thick ring worked for me, but it was only a 1/4" diff. I know others that have relied on thick rings to go deeper, but I never gave a thought to the downstream clog issue.--
Shine on you crazy diamond...