You would decrease the bounce angle on the sole of the club. This might change the playing characteristics of the wedge.

-1* of bounce with a club that is probably not used very often for open-faced shots, will likely not be noticed, unless you are an extreme digger and need every single bit of bounce you can possibly get. But if that's the case, you have other issues to worry about first.

Frankly, I'm not sure there are many TT members (or golfers in general) who could feel an obvious difference in a 1* reduction in bounce. I could be wrong, but I'd bet money on it. Surely, there are some, but most of them play for a living and practice 40 hours a week or more. I play 3-4 days a week and practice a lot in between. Virtually daily. Personally, I feel like my wedge game is very good, but I doubt very much I could tell a 1* bounce difference with a full shot PW or GW.

If you are using it as your main chipping club, it's possible in that situation you might need to get used to it (which might take a couple hours), but again, I doubt very much you'd notice any real discernible difference. JMHO.

Does that mean that all those who "grind" the soles of their wedges to reduce bounce on heel of club are wasting their money ?

David, if it helps I'm a 0.5 index and play a Vokey SM5 48* that is bent to a 47*. I can tell you from experience I have not noticed any difference in how the club plays. If you were going more than 1-2* then you may notice something, but going from 46* to 45* should not hinder you in any way.

Hope this helps,
Breks