I forgot what range is available but its probably about a 1% adjustability? It has a small effect compared to the big ones the wings and (mainly) the rear anti roll bar.
Due to how tires work, increasing weight on a side reduces that sides grip, but that is such a simplification, and with ~1% weight distribution changes, its not a big thing. But with these things in mind, rear weight can cause oversteer, front weight can cause understeer. Plenty of people will drive around it so this is partly theoretical.
Downforce on the F3 is considerable, so if a 600kg car goes from 50/50 to 49/51, it will go from 300/300 to 294/306. Downforce can add another 300+kg very easily though, so as soon as you have some speed, wing settings effectively set the front/rear weight distribution.
There is a difference between where the 'static car' weight center is and where the aero weight center is though, the effect on handling (again simplified) is reversed. More rear static weight distribution can cause more oversteer, but more rear wing causes more understeer.
Still the driver and his wheel / pedal inputs will decide what happens to a large extend so really the short answer is 'It depends!'
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