It is hurting my engine performance, because the rev limiter is stopping my motor from exceeding 4000 rpm's. My motor doesn't even plane till 4500 rpm's, and when I run full throttle it is right around 5700 rpm's. So leaving it connected is really negatively affecting the boat. If I run the boat only a quarter throttle, you are correct, it isn't affecting the motor, but I don't want to run my JET boat at half throttle, cause it defeats the purpose the jet = running shallow.
But I am aware that there is nothing stopping my engine from over reving now, so I have to take it easy and use self control until I can get a new rev limiter. The solution to the problem is found, as without the rev limiter it never makes the skipping noise, plus I can get on plane quickly and easily, and run at full throttle. But I won't be able to fully fix it, until I can order the new one.