To put in perspective what might happen to total power output if you lower the peak power RPM, consider how torque, HP and RPM are related mathematically.
(Slight math alert; skip to last paragraph if allergic
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One horsepower is set at 33000ft-lbs of work per minute. Since these foot pounds describe work done in a straight line in one plane, it is necessary to use 2pi as a multiplier to quantify the work being done by a rotating shaft, since 2pi(r) describes the distance around a shaft with a radius r of 1 unit. The radius is always set at 1 to effectively remove the shaft radius measurement from the calculations. The torque notation in lb-ft on the shaft sets a 'virtual' radius anyway, which is again, 1 unit. The minute part of RPM accounts for the time notation in the HP definition.The HP definition uses the 'foot' as the linear measurement, so the radius unit is likewise 1 foot, rather than 1 meter, fathom, cubit, mile or whatever. So on a rotating shaft, 1 HP = Torque X RPM X 2pi[around 6.28]/33, 000, or simplifying, HP= Torque X RPM/5252, since 33,000/6.28 = 5252.
If you play around with this equation by plugging in various torque and RPM numbers, you will soon figure out that it's much easier to make horsepower by increasing RPM's. For instance, if torque stays flat and RPM doubles, HP doubles. Even if torque falls a bit when RPM doubles, HP will rise a bunch. Even with a $hit load of torque, without high enough RPM's you have little HP. If RPM falls to zero for instance, the HP is zero no matter how high the torque.
A very popular small gas turbine engine has only ~50lb-ft of torque, but makes it a 50,000 rpm, which equates to nearly 500HP. A turbocharger on a car can easily dissipate 30 HP or more. On a diesel truck the turbo dissipates more like 100HP. It's easy when you're spinning at 100,000+ RPM.
If your proposed modification increases torque slightly while lowering peak RPM, HP will likely fall slightly, or stay nearly equal. An engine like this will be said to have a broader power curve, which is an advantage in some applications, especially when the engine is expected to accelerate under a load. Chainsaws don't generally have to do this trick when they are operated properly; we operate them a full RPM always and select a bar and sprocket appropriate for the expected load.
Jimbo