What may be an obvious question
 

Are there any adverse effects to doing a successful status match? Does it in any way affect the status you already have with your matching airline?

It doesn't affect your status with your current airline as that data isn't generally shared between airlines. However, with some carriers, they only will do a status match once. So, if you're a UA1P & you want to get say CO status, you can probably only get that statused matched once. Of course, others have different success levels in status matches...