Yes, loss of upper vocal range is a rare but possible complication from a tracheal shave. The goal is to shave off cartilage without touching your vocal cords; if the surgeon does their job well, your voice will fully recover post-op. If they make a mistake, all kinds of crappy things can happen. Luckily complications are rare, especially the very bad ones.
Yes, there is a permanent scar. It is usually placed in the fold where your neck reaches your jaw, or up higher underneath the chin. It is quite small. Mine is 2/3 of an inch long and invisible unless I tilt my head back.
My tracheal shave was done by Dr. Spiegel in August. I recovered my voice entirely in 2 weeks.