You’ll get (copious) spray off anything, slick, low profile knobble, you name it.
I get this issue swapping between my 32c slicks and 35c spikes in winter. I have to run my ‘guards at full extension for clearance. Looks utterly gash when I put the slicks back in, but there is no other way unless I have the time and inclination to mess about adjusting ‘guards every other trip.
Other options would be snap-on ‘guards, like race blades. But they often don’t go big enough, and are hopeless compared to proper guards anyway. On a 26″ would a front and rear crud-esque set of ‘guards keep enough spay off you? Its often the spray off the front filling your boots which is the worst IME, and a front crud does chuff all for that.
I live with the fact my commuter isn’t the most fashionable bike around. It gets me to work.
I have, however, often wondered if I could figure out a better mudguard mounting system, so it would pop between settings.