As a matter of pure luck, I found the source of my orininal belief that opening these holes would cost power. It is from the ZR 1 Net web site FAQ, and is from Jim Ingle (GM powertrain person?), and surprisingly, is right after one of Hib's very good contributions. In fact, he is probebly the most prolific contributors, and I read all of his writings. I recommend it to every one, at
http://www.zr1.net/ZR1_faq.html
It turns out that it was a styling issue, which I did not emphasize, because I was interested in the techinical issue (the styling debate is moot, since the cars in question -ours- already have the tips), and I was correct, and still stand by my original comments. There are other sources I have read as well, but this suffices, I think.
In summary, Hib is right, don't do it because you will not like the sound, and I was right, don't do it because it will cost power.
Here is the question and answer from ZR 1 Net (I will add that the emphasis is that this pertains to otherwise "stock" cars. This seems obvious, but I quess should be ststed.) :
******************************************
QUESTION: How does one pop out the opening to the non functioning exhaust outlet in an early stock ZR-1?
ANS: The production Corvette mufflers with two "tailpipes" on each side are actually designed as single tailpipe mufflers. The dummy tailpipes are the result of Styling's wet dream. We have told them many times that if they put two tailpipes on a muffler it will cost us power if we make them both active. While I'm sure this isn't obvious to someone outside the business, the reason is simple: we have to pass the same noise laws regardless what the exhaust system look like. If we give up volume inside the muffler to create an additional exhaust path, we have to restrict the flow internally to have the same noise level as measured by the required tests.
So, the pipes you see with "disks" blocking them are not blocked at all; they are strictly dummy tailpipes welded to the ends of the muffler. The small bleed holes in the muffler shell were a compromise to let a little bit of exhaust out so they appear to be working. (Note: this applies to all production Corvette mufflers, not just ZR1s.)
If you drill through the muffler shell at the base of the dummy pipes, you will effectively destroy the primary tuner which resides in that part of the muffler. you won't like the result. It will create a strong "boom" between 1200 and 1800 RPM that's a real headache producer. Further, you won't improve the performance.
Thanks to Jim Ingle for this info.
***********************************************
Added "EDIT":
In addition, please go to the next question in the list (if you visit the ZR1 Net FAQ). In that answer, Graham Behan directly addresses the point I made about the effect of high performance camshafts on low speed torque. This goes to the issue of flow, and applies to exhaust and intake systems as well. "More" is NOT always better! Thanks.....