Shooting lenses wider open than designed?

So I have a B&L Rapid Rectilinear (focal length ???) in an illex shutter. It has an F stop of 7.5, but the aperture opens further then this. Normaly there is a paper disk (waterhouse stop?) that limits the maximum aperture.

Now my question is what happens if I pull out the disk, will I get horrible flare or something? Or will I just get a wider apture and an effect like jimgalli gets on those portarits he posts? Sharp in the center and fading to soft on the edges.

Sorry if I'm a bit long winded.

I think you'll just get the wild soft edges similar to my little 4". Heck don't waste any more time here, go pull it out and try it. Then share some pics

You may be able to judge what will happen by viewing a backlit scene on the groundglass with a loupe. Try wide open and f22. I bet it will be visible on the groundglass.