Is there a performance difference between plug vs no plug? Now I am just trying to understand the advantage or disadvantage of using it.
Glad I will be fine either way! But I am curious to know the difference.
Just to summarize and to add a couple of comments:
If you run the amp with a 4Ω cab, two 4Ω cabs, or a 2Ω cab with the dummy plug, the performance will be the same. The impedance of the cab(s) will be matched to the 2Ω or 4Ω taps on the output transformer. The amp will perform as designed.
If you run an 8 Ω cab connected to the 4Ω speaker out it won't hurt the amp. There will be an impedance mismatch which will change the performance of the amp. The operating points of the power tubes is going to shift a bit. The power output will be lowered, Bill estimates maybe to around 250W. But at 250W or 300W you aren't going to hear much of a difference in volume, if any at all. You might notice less headroom and more distortion as a result of running the amp with the impedance mismatched.
In general, if an impedance mismatch between the speaker cab and the output transformer taps is too high (towards an open circuit), the output transformer and the tubes can be damaged. To low (towards a short circuit) and there is a strain on the power tubes and output transformer that will shorten their life. The higher currents in the output transformer will generate more heat. If the transformer gets too hot, especially a vintage one that is 40 years old, you could lead to premature breakdown and cracks in the coating on the wires that are wound inside the transformer. This would lead to transformer issues such as shorts.
It is important to ensure that the continuous wattage rating of the cab matches the amp. A general rule of thumb that I like to follow is for a 300W amp, the cab should be rated at twice the capacity or 600W. It is more complicated than just looking at the wattage. As Bill pointed out, thermal and mechanical limits of the drivers and the cabinet design and porting come into play. If you crank the bass, you are going to be putting more strain on the drivers. Use common sense and your ears when cranking the amp to the point that the speakers are distorting.
The performance of the amp will also be affected by the bias setting and the power tube set in the amp. Some matched tube sets have an earlier onset of distortion and less headroom than others. The tube bias and voltages within an amp can change from venue to venue, depending on the wall voltage. If you bias an amp at 125VAC and go to a club that has 115VAC, the amp isn't going to perform in the same way. So if it sounds a little different one day, keep that in mind.