There's gonna be a lot of bounces going on...
Balance-wise: France will have reduced early-game power in the north since Lon-MAO will happen most of the time (Bre-MAO, Par-Gas, Mar-Spa). StP will become a lot more vulnerable, so Russias may end up sending 2N/2S more often (or just holding an army in Mos and sending War-Ukr). Russia moving to Fin in S01 is more viable if they go 2N/2S and try to avoid a bounce with Germany. Lepanto will be a LOT easier (yay Italy!), and Turkey will probably have a bad day with Smy, Con, and Bul all under threat. Outside of openings, the strait of Gibraltar is easier to hold from either side, and a lot more centers come closer together.
All in all I'd say that the countries that profit most from these changes are England and Italy, while the ones who suffer the most are Turkey, Germany and Russia, with France and Austria not really suffering much.