Yes, it does add volume and body to the hair. I'm going to copy the following reply I made from an earlier thread on dying;
We only use Revlon Young Color 2 black (sometimes nowadays it's labeled something like "Roux" (maybe???) rather than Revlon - still the same stuff, though). It's getting harder to find - some of the beauty supply stores say they can't get it anymore, but we've still been able to get it at Blue Ribbon Show Supply. Depending on how big the calf is, how much hair they have, and if/how much red tint there is in it, we usually use 4 - 8 boxes per calf but sometimes use 10 or 12 on a really hairy fat steer. Everyone has their own methods, but I prefer to use a regular spray bottle and mix 2 - 3 boxes at a time with warm tap water (it mixes better that way). Spray it on and brush it in with an old rice root brush as you go. If the weather's warm, tie them in the shade under a fan or two, and let them stand for an hour or two - if it's cold, you need to blow on them at least part of that time. Rinse thoroughly ('til no more black runs out), then use show sheen liberally as they're drying. After you rinse the next day, pour about 2" of Downey Fabric Softener in a fogger bottle, finish it off with water, and fog the whole thing on the calf while it's still wet, let it set for 10 minutes, rinse it out, then dry and work hair as usual. Be sure to dye after clipping, and preferably a couple days before you show.
I really prefer to do it 2-4 days before the show, but if you have to do it the night before, be sure you get in the Downey or other good conditioner the next morning. Not sure how well the Downey will work without a fogger bottle, but I'd try pouring an inch in the bottom of a bucket, adding a gallon of water then mixing thoroughly, and pouring it slowly down the top of the calf while working it in with a scrub brush.
Good luck.