Yes overly low pups send out signals to the forest elves and they sent gremlins to run all over your bass trying to pull the strings closer to the pups so theyll sound better. Grumpy dark elves sometimes bite at the fingers of the person who lowered the pups so low while said person tries to pluck the strings to. But the worse is if they plant a tree under the pickup to push it back up. As these trees tend to grow to three foot length overnight. Which of course causes havoc with said bass.
But no, really, its not dangerous to lower pups overmuch. Just tends to make the basses voice a bit weak sounding in most cases.