I used to draw 31", and have one set of recurve limbs for my Black Widow that are 49# @ 31". I also have a set that is 51# @ 29", and a set that is 62# @ 29". I am drawing about 30" now, after breaking my draw-arm shoulder last year. I've talked to Black Widow a lot about my bow/limbs, and the bow was definitely designed to handle all those draw lengths. My brother has the same model and limbs, and his are marked at 32.5" draw length for him.
If a person short-draws, they definitely lose performance. And, within reason, it doesn't make sense that a bow drawn an inch or two further would not gain performance. Again, my thought is that it would be interesting to know that if two guys have the same model bows, side by side, and one draws 28" and one draws 31", what poundages do those bows have to be, to have the same energy output?