Two classic references on related topics that may be useful: Life cycles (Chapman, 1978), by Peter Calow; and The ecological implications of body size (Cambridge, 1983), by Robert Henry Peters.
There is also another interesting example with orchid bees, where authors found a body disparity correlated with genus diversification.
Ramirez SR, Roubik DW, Skov C, Pierce NE. Phylogeny, diversification patterns and historical biogeography of euglossine orchid bees (Hymenoptera: Apidae). Biological Journal of the Linnean Society. 2010 Jun 29;100(3):552-72.
The short answer is yes - there is correlation and it is quite ubiquitous, although the strength of correlation varies widely depending on taxonomic level and the taxon in question.
This review could be a good place to start:
Article Phylogenetic Analysis and Comparative Data: A Test and Revie...