LCD are memory type displays - this mean that they use own (LCD controller) memory to store frame and that frame can be displayed synchronously/asynchronously to your source video refresh rate - it is safe to set lowest possible and acceptable refresh rate on your computer. If you not use embedded type of graphics (that one using UMA memory model) then usually there is no benefits from reduced refresh rate (some power consumption can be reduced but not much IMHO). So short answer is - there is no impact on LCD display - they can accept even sub 1Hz refresh rate (LCD is very slow display technology - LC response time is very high hundreds of ms).