I don't think the idea of God rewarding us for the good works we do is insistent with OSAS. And really, I feel a little ridiculous even having to say that but I think it unfortunately needs to be said.
OSAS simply addresses salvation itself, nothing more. I think folks have a really bad habit of forgetting there are reasons to do good and not to sin that haven't the first thing to do with salvation. In fact, I see folks having trouble understanding this quite a lot around here, as if salvation is the only imaginable reason to do good and refrain from sin. Which just strikes me as...crazy.
Do good works effect our standing with God? I'm not really sure I like the word "standing" there but...yeah, sure. I've no doubt God is more pleased with me when I do good than when I do not. That's one of the main reasons I try to do good in the first place. I want to please Him and not disappoint Him. There are other reasons but that's definitely a big one.
So I'd say, yes. Good works do effect our standing with God. And I'll add the caveat that our standing with God hasn't anything to do with our salvation, but rather Christ's standing with Him determines that, as we are redeemed in Him.