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

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.