heres some info about mash temperatures and enzymes-
the reason you mash starting at a lower temperature and increase it is because there are several different enzymes that work on different types of chemicals in the grain, and each enzyme works best at slightly different temperatures. see:
http://www.homebrewtalk.com/wiki/index.php/Enzymes
with enzymes, there is a low temperature range where they are mostly inactive; there is a prime temp range where they are the most active; and then there is a high temp that will denature and deactivate them. if you go over this temperature, they will perminantly no longer work (even if you bring the temp down again).
so mashing too low will only change the profile of the beer a little (due to a lower-temp enzyme working for longer than normal), and you can correct this pretty easily by raising the temperature. however if you accidentally bring the whole mash over the denaturization temperature of a certain enzyme, even if you then cool it down, that enzyme will no longer do its job.