So, the OP asked multiple GOOD questions that nobody has really addressed. Before he goes and messes up his brush cutter, he wants to know what the effect SHOULD be. My non-technical opinion is that if the exhaust is too restrictive, you loose power, mostly at the higher end of the RPM range because at the lower end, because you're not dumping as many CCs of exhaust per second at low RPMs . At the higher RPS, when the engine is under a load, a restrictive exhaust keeps the exhaust gasses from exiting the combustion chamber. This means that some of your CCs are not available to fill with fresh fuel and air which robs the engine of both torque and HP.
Here's what I did. I ordered a new hotzfforma brush cutter for the purpose of beating the crap out of it running a 9" Forster brush blade to cut invasive honeysuckle. When I installed the 9" blade, it was noticeably sluggish. With a string head, it would have been fine, and I expect the heavy 9" brush blade to take a little time to get up to speed, but I was really wanting better throttle response in the woods. Looking at the exhaust, it basically had the same setup you have as far as a single 10mm pipe through the cover. I poked another 3/8 hole in it and its not NEARLY as sluggish as it was before. It might be just as sluggish as it originally was when you first hit the trigger, but it does get up to speed a LOT faster. I never actually used the blade on anything before I modified the exhaust, but I expect that it also maintains the RPM a lot better when its in use. If your using your machine to run a heavy blade, and it seems like it struggles to get up to speed more than it should, I'd say that opening up the exhaust is the first step. If you mess up, you can always cover the hole with a piece of sheet metal and a screw or steel pop-rivet.
The other thing I'd look at is the little cover on the outside to make sure that it only redirects the exhaust, and doesn't restrict it any.
Oh, and I wouldn't put anymore RTV no the cover when you bolt it back on again