It would do exactly the same damage, thanks to it being a HEAT round, no matter what range it hits at. With the PzFaust 30, that's around 180-200mm of penetration (IE, there literally is not a single tank we could put into Normandy, that was there historically, that could survive a hit), followed by a massive plume of fire and melted steel filling the inside of the tank, incinerating those inside.
As for other sight distances, there were also 30 ones that simply had the one peephole for 30m (the Faustpatrone was the same way). That said, we could probably put in a way of range adjusting it when it is actually needed. Beyond that, as I stated before, most combat ranges in TW will be below 200m, and given that most rifles of the era have battle sights of 200-300m, adjusting rifle sights is pointless.