Well I don't there's any argument that herion and cocaine and incredibly destructive substances that will seriously mess you over in time. Look at James Taylor for one, but there have been countless others I'm sure.
Alchohal can be bad and can lead to very serious problems (footnote: see Dave Crosby). I guess that too much while playing can limit your playing ability. Take Slash for example: awesome player in my opinion, I love him. But he's notorious for going on stage drunk and as a result he plays really sloppy.
Marijuana... whatever. If you do it fine, if not fine. It depends on what you're doing with your music I think. If you're a serious musician who needs to practice seriously for four hours a day that stay away from anything that will alter your mind. But if you're more of a creative song writer then maybe you can get away with it. Look at Dylan, the Beatles (well, practically all those 60s artists- actually I'd hazard to say almost ALL artists regardless of time period).
Anything in excess is going to stifle you in the long run I think.
