Yes, it is definitely changing the way the arrow is coming off the string. In fact, considering the teardrop has twisted AND the arrows are shooting different than before, it sounds like the teardrop is coming off the cable, or the cable is about to break, and it's getting ready to smack you in the face. Don't shoot the bow again until you take it to a shop and get the cables replaced... if they even still make steel cables.

You don't say what arrows you're shooting, but it's always best to keep arrow weight comfortably over 6 grains per pound on those old steel cable bows. Over 7 gpp would be even better.