The main tradeoffs are as follows:
Higher inductor ripple:
Pros:
Smaller inductor size, better transient response to load step and release.
Cons:
Higher core and AC losses therefore lower efficiency, and higher output voltage ripple for similar output capacitance. (Or more output capacitance needed for the same output voltage ripple).
The converter may not be able to operate at higher ambient temperatures due to higher losses in the inductor pushing the temperature closer to the limit.
For voltage mode the double poles will move to higher frequency (due to lower inductance) for similar output capacitance, meaning the loop might be harder to compensate or may have less phase margin, or you would need higher output C.
Higher input ripple may also need more input capacitance.
The transition from CCM to DCM will happen at lower load currents, which may or may not be an issue.
The 20-40% ripple current rule is just a guideline, but it's an excellent starting point. Personally I think 20% is too low unless you don't need good load transient response and have plenty of space for a larger inductor.