Some third party lenses are better than Canon L, Canon L series lenses are not necessarily always the "best". Saying that yes good PP can help make up for the shortcomings of lenses. The thing being that you can still apply those great PP techniques to shots taken with great quality lenses.
I will say that the first time you move away from a cheap low level/consumer grade lens, especially in the longer focal lengths, can be amazing. When I saw the difference in quality between using a Canon 75-300 USM III, or even my Sigma 28-300, which is a lot better than the 75-300 was, and using a Canon 100-400 L (the MK I version) even on my 300D, I really couldn't believe the difference, it was almost unbelievable how much better the results from the better quality lens were. I use a Sigma 150-600 C now, and that is as good or better image quality wise than any of the 100-400's that I rented. I would love to try a 600 f/4 though, preferably on a 5DS.
Alan