Infinity focus is achievable only on the short-barrel ("-SB") lenses, which are available in 75mm and 180mm. Other lenses will focus only extremely closely with the adapter, though I expect they should still work. And if you want to use the SB lenses without the shift adapter, you need a special extension tube which I don't think is the same length as a normal extension tube.
I think you can also get a 75mm shift lens which has shifting built-in but maybe not tilt. Not sure.
In terms of "missing out" on stuff, you won't get rear movements. And the 75mm isn't real wide and doesn't have a lot of spare coverage.