Does it matter what deity you choose as a Cleric? By default it is set to Lolth and I have made this choice without noticing. I am a male Wood Elf, will this effect any game play?

Yes.
However, it depends on the deity you have chosen.
Clerics of Selune and Shar, for example, have additional dialogue options with Shadowheart.

Cheers for the response.

I’m sure they are still adding them. I know cleric of bhaal gets a few negative responses from different NPCs currently, but unsure on others besides Shar and Selune.