Chop the radiator all the way down to half wave, peel a little off the top half of the matching inductor to accommodate the lower impedance and you may have lost a just over 1/6 of an s unit or 1db going all the way down to a 1/2 wave. That's with a change to both the physical and electrical length of the radiator. In the case of the SP-500 vs. the Maco V58, the difference is a small change in physical length but the electrical length of the radiator is still 5/8 wave because of the capacitive reactance in the base mount.
The SP-500 sat on my roof for several years during the 1980's. It's a great antenna that never disappointed me. Having said that, I can't say there was any difference in performance when compared to the Radio Shack .64 wave it replaced. The only difference was the Radio Shack burned its PC board inductor up with the D&A Warrior but the heavier gauge aluminum wire on the SP-500 did not.
One of the 4 wires on the top of my SP-500 broke off from bird landings. When that happened, I took the screw out of the top to remove all four, lengthened the radiator about an inch or two until the VSWR dropped back into place and could not see any signal changes there either.
If only most of what you wrote wasn't false.
When you shorten a 5/8 down to a 1/2 wave the impedance goes up not down because an end fed 1/2 wave is the highest impedance point an end fed antenna will be, that of around 2500 ohms +/-
or the equivalent of about a 50:1 SWR - before the matching network.
The capacitive reactance added to the bottom of the MacoV58 offsets the inductive reactance of the too-long 19' 8" radiator because the Maco is not fed at the point of maximum current as is the 5/8 Penetrator but at a point of high voltage, via it's curved shunt match, as an elongated half wave, and why I avoid using one as I do not appreciate RFI in the shack, as voltage fed antennas are notorious for causing.
The 1dB gain of the Penetrator over the MacoV58 you're referring to is near-field only, or what you might see at 1-10 wavelengths at an antenna testing range but the real test is at or beyond the horizon where the difference between the MacoV58 and a Penetrator has been up to 2 s-units in favor of the full 5/8 wave Penetrator.
If you removed all four 9.5" top rods you would not have been able to achieve a low swr/ low reactance condition much below 28.5mhz because there isn't enough extra material telescoped inside since Hy-gain cut their Penetrator tubing to just enough for a tuned condition at 27.0
And You would have needed much more than just a couple inches.
An additional 9.75" of exposed 5/16" tubing would be required for a tuned condition at 27.185mhz after cutting off the top 3/4" of tubing housing the threaded aluminum insert.
Come on Donald, I thought you were smarter than that.