The fuel plate is basically a WOT stop. The different profiles are basically WOT mechanical fuel maps. On the #10 it has a decent amount of WOT bottom end, really kicks in half way through and then de-fuel as rpms get higher. So, if your not @ WOT, the lever is not hitting the plate hence it is fueling whatever the pump flows until the lever hits the stop and limits the fueling, again, hence the name governor lever.
From all the posts I have read and dyno runs I have seen, a properly tuned, plated pump will always make more power than a non-plated pump. With no plate your just dumping the maximum amount of fuel in and at certain rpms that is bad as your choking it off or in other words, just smothering the fire. If your thinking of running no plate, just try a flat plate first, I think you'll be much happier with that plate as well as your pump will love you too for keeping a stop in it so it doesn't eventually break... .
Joe