Generally speaking, it doesn't matter if you define LOB columns with a greater length - only the actual amount of space needed for each value will be allocated. In other words, it will make no difference if you alter the table and set LOB columns to a shorter length, as long as the actual data remain the same.
In DB2 9.7 you have an option to store LOB data "inline", that is, as a part of the actual table row (within the limits of the page size, of course). If that is the case, LOBs will be accessed as fast as the rest of columns. Otherwise, LOB data are stored in separate disk structures and are not cached in bufferpools, which means that an extra I/O operation is required to fetch them.
Another disadvantage of large LOB values is that they would require extra log space, unless the LOB columns are defined as NOT LOGGED. Keep in mind though that NOT LOGGED LOBs carry a risk of losing data in a crash.