No, but it might freeze the game for a moment if the player is so far away from the object that it's not "streamed up" by the engine.
I guess the freeze (and I think it's lenght depends on your PC) happens because the game has to search and "stream up" the object before it can manipulate it.
EDIT:
Now to think of it, dunno why using the gamelogic would help..
So don't quote me on this.
But I do remember reading somewhere (here I guess) that such way would be better the longer the distance from the player to the object is. It might be that it has to do with how many objects have to be scanned for their IDs to reach the desired one, in which case using gamelogic near the object makes sense.