Tuning wise, there are a couple of issues. First, a release will allow (or require) a stiffer spined arrow. Your point of impact will change, too.
It will likely make your bow louder, though it will be quieter and easier on your string to use a D-loop.
Shooting wise, it will affect your draw length and anchor point. If you collapse or "punch" the release (if using a trigger style) the target will tell you. It will, of course, be easier to pull back and hold.