Lack of sleep doesn't have any desirable effects on cognition.
Chess and sleep correlation

As GnrfFrtzl said, lack of sleep has a negative effect on basically anything you do although I would say mental activities moreso than physical. Personally lack of sleep for me has resulted in basically lack of concentration during a long over the board game, like I would just spend longer on moves because it would take me longer to judge the position correctly, more or less calculation is not that much affected because you have a definite thing to do but judging the position objectively can be difficult when it gets complicated in the game. Moreover I would tend to just lose concentration and drift off, once I used 40 minutes on my clock. But then again even though I'm young I'm still pretty overweight and unhealthy so I would think lack of sleep is less severe for thinner and healthier people. To clarify I play at a competitive level of roughly 1800-2200 FIDE, Hope this helps :)
Im trying to gather information on just how severe of an effect lack of sleep has on chess any personal experience or opinions anyone wants to share for my research?