If I understand WUBI correctly, the installation itself will not be affected as long as you do not reformat the hard disk during installation.
However, most likely you will no longer be able to boot into Ubuntu. The Windows 7 bootloader will be replaced by the new Windows 8 bootloader (without the option to boot into Ubuntu). In theory, when you run the wubi installer again, it should recognize that you have already installed ubuntu and give you the opportunity to update the Windows bootloader, but, and this is a large "but", I'm not sure whether Wubi can handle the new Windows 8 bootloader.
You can try it out, though; however, backup everything of value you have on the Ubuntu installation first.
Alternatively, move Ubuntu out of the Windows -- migrate it to a separate partition.