Subject : 'Log=log.nsf' line in Notes.ini
You can control log.nsf settings by setting the 'Log' parameter in the server's notes.ini.
For example, I keep 40 days worth of activity in my log.nsf with the following setting:
Log=log.nsf, 1, 0, 40, 30000, 0
Answers to your questions:
1) If log.nsf is deleted, it will be created after the next server restart. If you do that, verify the ACL after it is recreated.
2) No, other than you won't have as much data to dig thru.
Reference:
http://www-01.ibm.com/support/docview.wss?uid=swg21093081
which is somewhat outdated, I don't believe that 40000 is a valid setting any longer:
http://www-01.ibm.com/support/docview.wss?uid=swg21653355
Feedback response number WEBBA78S9Y created by ~Sigmund Dworelitnivu on 02/17/2016
Lotus Domino Server Log.nsf file in... (~Sarah Quethipi... 17.Feb.16)
. . 'Log=log.nsf' line in Notes.ini (~Sigmund Dworel... 17.Feb.16)
. . . . log.nsf (~Sarah Quethipi... 18.Feb.16)
. . . . . . log.nsf (~Sigmund Dworel... 18.Feb.16)
. . . . . . . . log.nsf (~Sarah Quethipi... 18.Feb.16)