If you are unable to select any international shipping options in the admin for the USPS 5.0.1 module and you are getting that parse error message then yes this will fix your issue.
You must have first run this:
ALTER TABLE `configuration` CHANGE `set_function` `set_function` TEXT
Then you run this update below:
UPDATE `configuration` SET `set_function` = 'tep_cfg_select_multioption(array(''Global Express'', ''Global Express Non-Doc Rect'', ''Global Express Non-Doc Non-Rect'', ''Express Mail Int'', ''Express Mail Int Flat Rate Env'', ''Priority Mail Int'', ''Priority Mail Int Flat Rate Env'', ''Priority Mail Int Flat Rate Box'', ''First-Class Mail Int''),' WHERE `configuration_key` ='MODULE_SHIPPING_USPS_TYPES_INTL' LIMIT 1 ;
These are only international rate selections as you can see. But as stated above this is for only if you are receiving the parse error and using the updated module. Be sure to back up your database before making these changes.