It will continue to backup just fine.
In mountain lion with later computers it can even backup from sleep.
Apple call it power nap.. just to add yet another bit of jargon.
If you change the backup intervals there is no telling what will happen.. you will have to check after the preset time if the backup has proceeded.. it should as the editor is simply changing a preset for backup.. but the only way to be certain is to check the backups in TM display after a backup should have taken place.
Docos for some of these apps is sadly lacking.