For Calvinists.....it leads to a hyper-Calvinistic Baptist Theology.
Here's a recent post from the Heidelblog of R. Scott Clark.
Circumcision and Baptism
Clark tries to avoid two extremes in dealing with a text like Colossians 2.11-12 but instead of navigating it, he's trapped.
The Bible is full of dialectical tensions often between the visible/temporal and the invisible/eternal.
Clark and others who depend on Aristotelian based and defined Systematics cannot let these tensions stand. The force and drive of their system insists on synthesizing the two sides and eliminating what seems to them a contradiction.
But rather than submit to God's word, this method subsumes Revelation and consequently the Scriptures are re-categorized to work in a grid-like dogmatic structure.
Ockham's Razor....is a tool of Rationalism which seeks to simplify and eliminate plurality or dualisms.
Aristotle's Razor is a name I've given to another Rationalist tool. This one parses and divides, creates categories that aren't there in order to make the System work with the matrix that it is interacting with.
In other words....re-define and re-categorize Biblical terms so that it makes sense in light of your system.