In this work we consider the following question: given a mechanical microswimming mechanism, does increased deformability of the swimmer body hinder or promote the motility of the swimmer? To answer this we study a microswimmer model composed of deformable beads connected with springs. We determine the velocity of the swimmer analytically, starting from the forces driving the motion and assuming that the oscillations in the effective radii of the beads are known and are much smaller than the radii themselves. We find that to the lowest order, only the driving frequency mode of the surface oscillations contributes to the swimming velocity, and that this velocity may both rise and fall with the deformability of the beads depending on the spring constant. To test these results, we run immersed boundary lattice Boltzmann simulations of the swimmer, and show that they reproduce both the velocity-promoting and velocity-hindering effects of bead deformability correctly in the predicted parameter ranges. Our results mean that for a general swimmer, its elasticity determines whether passive deformations of the swimmer body, induced by the fluid flow, aid or oppose the motion.