good morning, no I have not seen any ill effects of running them lower than recommended - I do the same on loader work, bump up the psi then lower it for mowing - I do it on my big tractors as well - I too run the rear psi with the bulge in the rears similar as you say, its especially noticeable on my R1 Michelin radials - my rear pressures on the R1s might be a tad lower around 8 to 12
I have found that for my fronts on my 2wd big tractors they turn better in grass or loose soil when mowing or doing field work and they don't wear my tri-ribs down as quickly as they aren't sliding as much - 3 of the original tires are on my 1944 A deere and I have ran them with the same in mind all of their life - are they weather cracked terribly yes, are they still functional yes, do they leak a little yes, one of the fronts is starting to separate if you let it down too low - but the rears are in great shape as far as lugs go they are just very very weather cracked on the sidewalls. I haven't put air in the rears for I know 10 yrs - it sits inside and has for the last 35 yrs.
I have not notices any abnormal wear on my SS tires running them lower either, although you cant drop them as much I still run mine around 20lbs less than manufacturer recommends - exceptions to that are if I am moving heavy loads distances vs digging - if I am rotating a lot in tight spaces or working on hard surfaces I run higher pressures to allow less traction so its not as hard on my drive motors - so there are reasons for everything and if you use some logic and the characteristics of leverage/angles and pressure you can minimize wear and stress on about anything.
I do the same with my vehicle tires, a rounded out tire will wear in the center unless you are putting weight on it to flatten it out, will you get better mileage - a small amount - will the tire wear faster = yes much!! especially in the center - if I am empty I run lower PSI to get the tire flat on the pavement - you guys probably all know about this stuff but just things I have found over the years that help things work better for me and last longer and reduce wear/tear on everything, even my back!!!
my 10ply truck tires ride so much better at 60lbs rather than 80!!!