Hard to say for sure, but probably more “fine print” style notices on TV ads and billboards.

This could conceivably be used to prosecute dirty tricks-style campaigns. For example, many years ago there was an anonymous mailer campaign against the incumbent mayor in my city where a photograph of him was photoshopped to insinuate that had been beaten up, when he really hadn’t. That kind of thing might become the target of this if it becomes law.

It’s also possible that federal courts will step in and carve out some exceptions for obviously fake parody stuff. Texas law cannot override the first amendment.

A chilling effect and job security for lawyers.

About as much as Trump trying to do a pushup 🤷