There is a lot in the full answer to this. See excellent summary here;
www.trailersailerplace.com.au/phpBB3/viewtopic.php?t=2357And a bit more here.
www.mysailing.com.au/news/a-balanced-boat-is-safer-to-sailAssume an A23 owner on trailersailerplace would answer more specifically for you.
The A23 having a swing steel plate centreboard will have 2 main impacts when it is raised from it's fully down position;
1 The stiffness % of the boat provided by the centreboard will inherently reduce. This % provided by the cboard will not be high to start with as the cboard is not heavy and the design has a lot of internal ballast - in the stub keel presumably. Nevertheless as you raise it the righting moment of the boat will reduce slightly.
2 As the cboard is swung up it's centre of effort will move aft and this will inherently reduce weather helm and increase lee helm.
In very broad terms it is probable that the boat sails best to windward with the board swung fully down, and reaching and running with it raised a bit - say 1/4 way up reaching, 1/2 up running - for reaching the lateral hull stub keel and cboard area doesn't need to be as much as for going to windward to reduce leeway, and for running even less is needed. I would be careful raising more than 1/2 up when running except in very light winds and flat seas - the boat could become skittish and roll excessively in heavier winds / larger waves and have a tendency to not track well.
Of course there are safety issues also - having any ballast which is not locked might not pass the latest RRS, or your insurance. All centre boards which are the vertical lift / lower type in a typical centre board vertical or near vertical case have locking pins. Expect all swing cboards do as well.
Then maintenance comes in as well - cable or hydraulic lift systems for lift or swing cboards need to be properly maintained with suitable inspections at relevant periods, and maintained / repaired with new components as needed. Back-up fail safe securing systems must be included in the design. Plenty of cboards have fallen out of boats over the years unfortunately.