Are there any implications if a Judge chooses to elect otherwise under this clause?
No, there are no implications if a Judge chooses to elect otherwise under this clause. The context states that the Judges of the Federal Court at the commencement of this Constitution shall, unless they have elected otherwise, become the Judges of the Supreme Court and shall be entitled to certain benefits. If a Judge elects otherwise, they will not become a Judge of the Supreme Court and will not receive those benefits.