AS always, the correct answer is "IT DEPENDS", on many factors.
If you're at your stretch comfort limit now, 1/16" is going to be noticeable and bad, like Dusty's experience.
If you're at a shortened span now, 1/8" less may feel uncontrollable, like your hands too weak. If you go 1/16" stretched from this shortened comfort grip, it may OK, no big deal. Go 1/8" longer and it may be stretched and uncomfortable; it may be painful.
It all depends on where you are now.
Just remembered. I am at what I'd call a shortened grip, with totally comfortable span. My driller accidentally went 1/16" less. NO big deal for me, but I had to be aware of how to place the angle of my thumb when inserting, because it allowed me to play around with more release variations. I may try this as a new permanent span, but I have to remember what I want to do, in more detail, if I choose this route.