It doesn't affect the position of inerrancy or infallibility.

Inerrancy should only be ascribed to the originals, which don't exist, so it's really a doctrine based less on manuscripts and more on the character of God. Since God can't inspire errant Scriptures we teach that the originals are inerrant. It is God's character, and not manuscript evidence that leads us to this doctrine.

Infallibility, from the Latin: in (not) + fallere (deceive). So the idea of infallibility does not really speak to inerrancy, but rather to the idea that Scripture speaks truth and not falsehood. There is also the idea that Scripture will not fail, but will accomplish its purpose. In either case it does not have to be error-free to be infallible.

The doctrine that i think it does affect is that of preservation.
If the Scripture has been preserved in every generation, and we know that for a time in history the western church used Latin as opposed to Greek, and the Alexandrian area was conquered by the Muslims stopping them from producing Greek Bible manuscripts...we see that for a time in history it was really only the Byzantine area that was faithfully producing Greek NT texts.

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Larry Bray
Elder - Reformed Presbyterian Church of Boothwyn, PCA
Boothwyn, PA - http://www.rpcb.org/
Free Online Reformed Seminary - http://www.tnars.net
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“The Christian must not be of such a complying nature as to cut the coat of his profession according to the fashion of the times…" - William Gurnall