No not really. The fire will be burning in 2 directions fanning outward from the touch hole, rather than in just 1. Only if you drill a TH to land right on the face of the plug will it burn that way. Obviously with a hole higher than that, you have to make sure you load enough powder for it to be lit. I guess it would make for slightly higher initial peak pressures, but no enough of a difference to lose any sleep over. Now if you took it to the extreme, moving 4-5-6 inches up the barrel, and the top of the powder column were double that distance you might have an issue. But if you did that you would probably already have a Darwin Award, so the point is rather moot.