I'm not much of an MB expert, to be honest, but I'll contribute my opinion.
When I ran my engine for the first time, I my muffler didn't fit on yet, but I was eager to ride so I went without it. In comparison to having the muffler on it, it was DEFINATELY faster to some degree across the whole power band. I know one could say that it's a placebo due to the increased sound, but there seriously was a major difference.
That being said, somehow I doubt that a small hole would make much of a difference, both as far as power and sound go. You would have to remove a lot more of the back pressure to make a difference to justify the increase in noise. I remember somebody made a modification where the end cap could be actuated with a lever; that way if the rider was going up a steep hill, the end cap could be pushed away from the muffler and cause the engine to run leaner and have a little extra speed. Unfortunately I don't remember where I saw it, but that sounds like a better mod for speed because you could still run the engine at the proper richness and dynamically lean it out when it's necessary. Not sure how safe that is, though.
My replacement end cap that I made has no baffle tube, and it only sounds a tad bit louder IMO. In fact, a few people have asked me if I made my bike quieter, so nobody has noticed the difference. I have noticed though that the engine runs a little better. Not by much, but it seems to be breathing a little better. The baffle tube hardly does anything, so if you want to do everything possible to maximize performance, cutting off that baffle tube can't possibly hurt.