The wp_schedule_single_event function in cron.php (http://core.trac.wordpress.org/browser/tags/3.7.1/src/wp-includes/cron.php#L0) has a comment which says:
// don’t schedule a duplicate if there’s already an identical event due in the next 10 minutes
So I’d say that no it won’t trigger lots of calls for earlier in the day.
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