I think it would sound like a bit of a decrease in bass output, afaik (less "boomy"), but it might also result in tighter-sounding bass?
Yes, better time response. Now, it might have more or less distortion at various frequencies, depending on the power level. But if used with a sub, I'd sure be trying this.
Anyway, I'd place a lot more importance on getting the best sound overall up into midbass, midrange, treble. The "blocking" of the port by a rear wall should not be a huge factor if crossed over to a sub. I'd also put some kind of a little pointed cone on the wall behind as a diffusor, kinda like Polk's Power Port.