Keeping my 2003 Honda Shadow ace reserve on are there any consequences to this?

Keeping my 2003 Honda Shadow ace reserve on are there any consequences to this?

No

If you do that, then when you run out of gas, you run out of gas.

Use the odometer or trip to judge when to refill and you are golden.

The reason for having a run/reserve position on the fuel selector (petcock) is to give the rider warning BEFORE you run out of fuel. If you ride with the selector in the RUN or NORMAL position, the engine will starve for fuel and stop when it gets low. You then change to the reserve and can ride for another 30-40 miles to get to a gas station before your tank is completely empty.

YES. When you are out of gas, you are out of gas. Big disadvantage.

Consider for a moment that if it was in NORMAL position and you ride along for awhile and then the bike starts coughing and bucking when it should be smooth going… You know you have started to run out of gas.
THIS IS THE WARNING.
So you switch to Reserve and you have about a gallon of gas to get you to a gas station or somewhere nearby for a refill.
Otherwise you are pushing the bike to get there.

And you just KNOW IT WILL BE UPHILL ALL THE WAY.

You won't have any spare fuel when you get low.

If what you are asking is if running on R will hurt the bike the answer is no. But as the other answers state, you won't know when the fuel is getting low until you run out.

So use the petcock settings as intended, Normal for riding then R to get you to a gas station. Life will be much easier that way.

Yes. You could pick up the sludge at the bottom of the tank.