Yes, they are edible...no, they won't affect the taste...just the growth of the plant.
http://www.wildthymefarm.com/permflo...s.htmlNumerous flowers appear from spring through fall but mostly in June and July. They are tubular, lilac to pink, under quarter inch long, and arranged in small terminal clusters.Dried flowers have been used to preserve linen from insects. Leaves and flowers are ingredients in sachets.Use: Thymol, the essential oil of thyme, has a long list of historical medicinal uses. Thyme has a strong, herbal and pungent taste. Its flavor is sometimes confused with marjoram, but thyme is stronger, and is at its best when used in long, slowly cooked dishes, or as a marinade.Leaves and sprigs are used as seasoning in clam chowder, stuffing, with meats, flavored vinegars, pickles, and mustard. Thyme is used to flavor liqueurs and is one of the flavorings in Benedictine liqueur. The flowers are edible. The oil is used in flavoring toothpastes, mouth washes, and cough medicines.Thymol's antiseptic and stimulating properties are useful in colognes, after-shave lotions, soaps, and detergents.
http://www.rain.org/greennet/docs/ex...=======Harvest stems and leaves for drying just as flowering begins, cutting the entire plant back to about 5 cm (2 inches) above the ground. For the rest of the season, harvest only the tips of the branches so the plants are sturdy enough to survive fall and winter temperatures.To dry garden thyme, lay the stems flat or hang them in bunches in a shady, dry location. Strip the dried leaves from the stems and store in an airtight container.Freeze sprigs of garden thyme on a cookie tray and store in airtight freezer bags for use as required.
http://www.herbs2000.com/herbs/herbs...tm#thyme_parts