Yes, this will definitely affect fuel delivery.
This seems to be a common issue with the latest crop of parts store tanks and hangers. Often times, the tanks are damaged in shipping which pushed the bottom up. You can try taking a wooden dowel or something that won’t puncture the tank and try and reposition the bottom of the tank downwards. If that doesn’t work you may have to just get a new tank. Another common issue is the baffles are spot welded in the wrong spot.
If you can’t make it work I would return it outright to LMR and source a tank from local parts store. All the same brands, but given the common occurance of tanks having hanger fitment issues, it’s just easier to drive to the parts store vs dealing with shipping.