no, and you'll probably never reach it. I think my peak connections was something like 720, and my max is around ~480. If your on very high speed bandwidth you'll reach 1000 connections. There's no negative implications, only from capping it too low.
Speaking of which, as a joke, we used to tell newbies struggling configuring the old edonkey2000 (before emule existed) to put in values of 1000/2000/4000 in the connections field which was basically a placebo. We did this because we knew that it was mere impatient behaviour that was causing the perceived problems.
Most of the time, you'd get a response saying it had work, and you'd get some people passing on the advice too
lol, i'm pretty sure i remember a few people being duped by that one