chodad: Usually it rather wouldn't, unless the y-adaptors/-adaptor-cables would be rather bad. But of course that would always also depend a bit on how much of a "golden ear" you are. And one could certainly also imagine problematic circumstances - like for example a source with very high output impedance that might hence show some reaction due to the lower load impedance (unless the pre-amp would sport buffered tape-loops, of course), in which case (or at least in case one would like the somewhat altered sound less...) it would indeed be wiser to use a switch instead of simple y-splitting, as jetstream has already suggested above.
That said, I guess I should point out that I've foremost mentioned that hook-up alternative for the record, so you'd be aware of it. So that shouldn't imply a strong suggestion to try it, because I would really expect a significant improvement compared to your current hook-up. But there might be at least a little improvement (or difference you might happen to prefer), and giving it a try wouldn't seem all too expensive - so if you're curious, you might want to try it nevertheless...
Greetings from Munich!
Manfred / lini