I don't think it has any effect on page rankings. If anything, having the same item renew over and over again is helpful for Etsy search because it keeps its views and favorites. (Spoken by someone whose main shop is OOAK, so is basically penalized in Etsy search.)
Since Etsy is part-time for me, I keep quantities set at something I'd be comfortable saying I could print out immediately - I don't sell digital downloads at this point.