How much of a impact? could be determine by how much traffic over that link. Nobody can give you an exactly ms or sec impact or lost of ping count. Just test it, it will be minor if any.And hardly noticeable.
On etherchannel mode, you want LACP so
channel-group x mode act is what I would do.
X would be the port-channel number & this enable LACP aka 802.3ad on whatever members you deploy.
One last issue,
On the channel-groups load balancing, you might want to monitor & adjust the balancing algorithm. Execute the " show etherchann load-balance" command to get any ideal of the default load-balance schema.
Then adjust accordingly, src/port-dst/port ( L4) is typically better than src-mac or dst-mac or src-ip/dst-ip ( L2 or L3 respectively ).
EtherChannel Load-Balancing Configuration:
src-dst-port
mpls label-ip
EtherChannel Load-Balancing Addresses Used Per-Protocol:
Non-IP: Source XOR Destination MAC address
IPv4: Source XOR Destination TCP/UDP (layer-4) port number
IPv6: Source XOR Destination IP address
MPLS: Label or IP
YMMV