You'll just have to remember that if you drive into water that is above that level you will need to change the oil in the transfer case. Mind you, I guess the other cap doesn't prevent water from coming in either. So the only minor negative is that the normal breathing of the transfer case as it heats and cools will allow unfiltered air into the gearbox. So if you go driving through the desert,, or long gravel roads, you will want to change the transfer case oil more often.
In the real world of a restored cmp, I would say there is no negative to the modification you have done.
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