Yes - it would reduce the force. But it still takes the same amount of energy - at best.Though what I don't understand is, if a pulley reduces the force necessary to lift an object by half, if you use enough pulleys, wouldn't you be able to reduce the force necessary to reset the weight to a level that the generator could achieve by itself?
If you reduced the needed force by a half, then it would take twice as long to reset (strictly: you have to haul in twice as much rope).
And that is with magic lossless pulleys - each pulley will add an extra loss to the system so less of the applied power goes into resetting the system.
Have you seen:
... it's a good place to learn about these kinds of traps.