The camera meters at full aperture-- it shouldn't change at all when mounted! Especially since the body has no DOF preview.
It should hold the camera at open aperture for easy composition and focusing, then the camera will stop the lens down as it fires the shutter. The aperture is coupled to the camera, so it will meter correctly without it stopping down.
It's interesting that it stops down to f/2.8.
There's a guy on the PentaxForums that does great light seal kits-- I forget his name, but everyone there knows him. I redid my ME Super and MX with his stuff. It's excellent.