How will this hurt Murphy? I'm not sure it will help him, but I can't see it hurting him unless his Spanish is atrocious, in which case, he probably wouldn't have agreed to this.
Judging by ads he's ran where he speaks Spanish, he has the heaviest gringo accent ever. And that's when he reads off a script. I don't know how good he is off the cuff in Spanish (and he may not actually be half bad), but that accent is going to make for terrible optics, especially next to a native speaker.
This seems like a Hail Mary by a losing candidate to me.
Mark Kirk had a great Spanish ad a couple of weeks ago up: "Su Senador". I watched it on my phone, but the final link after YouTube is: /l3xCX-1LxpI
It doesn't seem too heavily accented, and Kirk does a great job of pronunciation. Murphy needs to get preparation to learn to speak Spanish that fast and accurately.