I doubt it.

1 deg = 60 NM, at the equator this means (approx) an area of 3600 NM
square.
1 minute = 1NM or 1/60 of a degree, an area of 2NM square
1 minute in decimal= 0.6NM or .36 NM square area.
Never mind the seconds.

Not much of a difference when they are looking(i think).

I would be more worried about using the same GPS reference(WPS-84 etc).

-Kees

P.S. For ease conversions buy a $10 calculator.