Now, I'm by no means certain, but I imagine that Universal Binaries simply have some kind of branching logic that says "if this machine is PPC, run the PPC version, if it's x86, run the x86 version."
So, the performance would likely be *exactly* the same as it was before. HOWEVER, due to the fact that you'd be removing the architecture branch code (if it exists) and ALL the PPC byte code, I feel pretty confident in saying that you'd likely see a difference (perhaps VERY slight) in file size.
...so, unless HDD space is at a serious premium (and if it is, I suggest external storage options), I wouldn't worry about it.