dBel84,
First and foremost i'm no expert. However my understanding of the possible ill effects of dc-offset are as follow:
1) Given a differential operational amplifier, offset usually means the great imbalance in the input bias and the chip might be oscillating or acting funny.
2) Generally, we consider offset as a "loss of voltage swing". An amplifier with the capabilities of swinging rail to rail (given +/- 15V and the offset is +5V), it means that we can only swing as much as +10V/-15V. Imbalanced clipping will occur.
3) DC offset is not just about the loss of dynamic range. Some other factors that greatly influence sound can also be the reason. For example: Chip oscillating at certain frequencies, lack of proper bypassing etc. These all affect sound. Also this is meant to answer your hypothetical question. In short your question is not broad enough to cover the causes and effect of dc offset.
4) Speaking from personal experience, simulations gave me higher THD which increases proportionally to the increase of dc offset. On the other hand, I had a cmoy amp (2132PA) which gave me >3mV of offset and once i swap the opamp with an OPA2227, offset immediately falls under 1mV. Guess what, the 2132PA has a lower input bias than the OPA2227. (EDIT: this is to show that offset is not only caused by the symmetrical imbalance, but other much more important factors that influence sound)
I guess based on my knowledge now i can only answer this much. I do hope someone comes in and correct me though lol.