A small tear will affect the grade. But what should be a bigger concern is that PSA's holders are causing even more damage to packs, as they are not holding them securely. On CU and other boards there are numerous stories of packs damaged in transit.
In regards to what series the pack is, if you can see Tim Cullen you can be reasonably sure the pack is from the second series, if it is legit.
Additionally the middle series packs have a different wrapper, so you can narrow the series down further. See below for comparitive scans.
My suggestion- if you're going to keep the pack, don't bother having it graded until PSA modifies their holder. GAI is a crapshoot these days and while it will allow the pack to display better than PSA's there have been instances of submissions lost.
If you're going to rip the pack don't- it's worth more than the sum of its parts. You've got 5 cards in there, and with a potential gum stain on the front card, wax stain on the back one, miscuts, off centers, dinged corners, and the chance of a stack of Tim Cullen's make it more worthwhile to keep it intact.
