Will uploading iTunes Match songs force a rebuild of existing Playlists?

Let's say I have 10 songs in iTunes on my devices. And those 10 songs are in several Playlists. If I get iTunes Match and download the matched songs, will I now need to add each song from scratch into the Playlists now that the original songs have been replaced by Matched songs?

Or will iTunes recognize the Matched song as a replacement for the original and maintain the integrity of the Playlists?

And I am not, nor will be using iCloud.

I am hesitant to do this if the answer is yes because I have 4500 songs, and having to rebuild all the playlists is not an option.