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Not bad just not optimal.
On older motors when you are experiencing a skip or miss-fire and are not sure if it fuel or ignition related one of the tests is to close up the gap, if miss goes away it ignition. Reason is it take less energy to spark across the smaller gap.
Smaller gap can mean less efficient burn as the area around the gap get ionized by the build up of energy before the spark jumps. but in reality it such a small amount you'll likely not notice any difference.
The wider the gap on a plug (within spec's) the easier the engine is to crank. The extra .010-.015 will give just a milia-second more fire in the cylinder on start up. This therory applies mostly to electronic ingition's because of the stronger spark.