What are the affects of setting tracking too hi or low?

Too light a tracking force will be audible as gross distortion, particularly during loud passages. This distortion will tend to increase as the cartridge moves through the inner grooves towards the end of a record side. The distortion is caused by the inability of the stylus to stay in contact with the groove walls. I suspect too high a tracking force is inaudible. It's not good for the cartridge or the record -- it increases wear and tear on both. Remember, within the range specified by the manufacturer, there is typically a specific tracking force that sounds better. This point can change as the cartridge ages.

With the force too low you'll get distortion as the stylus rattles around in the groove. Low tracking force can also cause damage to the record.

High tracking force usually sounds good but produces excessive record wear.

yes, hi force wears the record more rapidly but too low will damage thegrooves in a profound way.
ive read that the stylus presses on the vinyl at about 40k# psi. when too low vtf is set, the stylus is the ACCELLERATING between grooves and striking the oncoming surface at greatly increased velocity and pressure. slamming into them so to speak.
when things get loud is when you hear the results. similar damage happens when grit is allowed to stay in the groove during play.
somehow, find the right vta and use it! get a shure test record, or use steely dans 'royal scam' record, 2nd cut, either side, adjust to just track the high hats, usually about 1.5gr, and stop.
......regards....tr

If you're just talking tonal balance, lower force will shift balance to the bass heavy side. Higher force will tend to sound brighter.

Experiment with your setup until desired balance is achived.