Start up clatter can be a cuople of things, chain tensioners may be worn, the hydraulic lifters may be worn, the chain guides may be worn. Its pretty common in these motors. I just live with it.
Negative effect? Something is not quite perfect, but after you replace the tensioners, finding the problem can get pretty expensive.
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Current car
2000 Boxster 2.7l red/black
Previous cars
1973 Opel Manta
1969(?) Fiat 850 Convertible
1979 Lancia Beta Coupe
1981 Alfa Romeo GTV 6
1985 Alfa Romeo Graduate
1985 Porsche 944
1989 Porsche 944
1981 Triumph TR7
1989 (?) Alfa Romeo Milano
1993 Saab 9000
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