I am maybe a bit uncertain what you are asking, but from what I understand the answer would be no. Renormalization is a procedure for absorbing infinities in an interacting field theory. A quantum bit is really just a state, but referred to in information theoretic terms. The two physics are not directly related as such. In a measurement if one considers it as a collapse there is a new normalization (renormalization?) of the system state, which is just the state vector which pertains to the measurement outcome.