It would reduce efficency and bandwidth especialy in the top end of the driver. Look at Graeme's web site about phase plugs and effects it has on extending the high end, even though he's using cone speakers. But the same goes for hf drivers only on a smaller scale, you want to try and get the all the wavelengths hitting the horn throat at the same time, hence the different path lengths formed by the phase-plug to extend hf response.
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