I don't think it will affect the operation of the vacuum advance but when you go to change the timing you will be flexing a larger diameter of tubing.
Not so sure about that. Big diff in volume between 1/8 & 1/4 line. If the engine is in very good condition and has a lot of vacuum you might be OK. But, if you have weak vacuum due to bad valves, etc there might not be sufficient vacuum to pull the distributer due to the larger line. I guess you can try it then watch the vacuum advance & see if it moves the distributer when you suddenly raise the RPMs.
Hope someone more knowledgeable than I chimes in on this subject
Dick