If you draw second choice, you get new point (for being unsuccessful on your first choice) and you get your second choice tag.
This only goes for if you check the box and pay the fee to be in the bonus points system for the year, and for that species.
If you don't check the box, you can still put in, but your existing points won't increase your odds for the year, and you won't get a new point. You will still have your existing points though until you don't enter the points system for three years in a row. If that happens you lose all your points.
That is how it was explained to me and how it is written. this came up regarding some recent permits that require first choice. You could elect out for year, draw the permit, but keep your points for the following year.