PJ Williams of the Evangelical Textual Criticism blog writes about Why spelling matters.

He's not discussing English, he is discussing the practice of consolidating spellings (mostly) for words within editions of the Greek NT. And he thinks the practice is suspect.

I think this makes sense. We're dealing with lemmatised and morphologically analysed texts now, for the most part. That is, we can find specific forms despite different spellings if the text itself has different spellings where MS evidence is convincing. We don't need consolidated spellings to find the same form of the same word for concording/searching purposes.

Make sure to read PJ Williams' post; he goes into much more detail than I do here. It would be a big task, though. It makes me wonder — what does Reuben Swanson do in his NT Manuscripts project? If he charts the variants in differing MSS against Vaticanus, wouldn't his volumes reflect this data?