No, however it is dependant on how well stocked your tank is and the surface area your tank has.
Everything in your tank such as fish, snails, the bacteria in your filters require oxygen to survive...The fact that you are reducing areation at the top of the tank will in turn reduce the levels of oxygen in the water (to what extent is uncertain...too many factors involved, you'd need to test it really).
Whether the oxygen levels are reduced enough to cause problems is anyones guess right this minute...is your tank overstocked at all?
Personally I'd give it a go and keep a close eye on any fish you have. If you find them swimming up the the surface to gulp in air more often than they did then I would return the filter to it's original position and settings...and keep an eye on your water parameters too for the next month or so.