Premium hands won't change, but what hand you play should change.
I assume you are playing full table (9-10 seats). Lets use 9 seat tables for reference.
UTG at the full table has 8 players to act after, at a shorter table (6 seats maybe) there will be fewer opportunities for players to catch a hand good enough to challenge a 1st position raise.
Since an early raise represents some sort of good hand in all forms of the game, all players wanting to react to that opening raise will need to have a pretty decent hand themselves. The fewer the potential player who can react translates to the opportunity to open weaker in each position.
As the table dwindles to 5,4,3 players the importance of opening 'light' becomes more pronounced as the opportunity to steal the pot increases. Since so few off our hands are decent, that 'first in vigorish' will oftern take the pot.
This also opens up the opportunity for re-stealing (re-raising) and if a player has the image of the thief, the occasional re-steal should be fairly effective.
By the time the table has reduced to HU, any pair, Ax hand or SC's become prime hands to play, with unsuited connectors following closely behind. It is that 'first in vigorish' that is the key as often as not.
Simple answer is yes, the definition of premium hands shifts down the hand chart.
Keep in mind the thief will know he is stealing, he will know you know he is stealing, and he will be sensitive about what you re-stealing means. Even noobs can see the obvious.
