Howdy Tatao:
The answer to your scenerio is "Yes". Not only sluggish, but likely dangerously lean. The Holley power system is designed to include the extra fuel from the power valve.
The problem with racers and power valves was likely low vacuum due too long duration cams and too high of a PV setting. The solution is to choose a PV with a low enough setting so as not to open the PV, or, in some cases to plug the PV hole and jet up about 4 numbers.
Holley selected PV setting for carbs in specific vehicles and engine combinations so that the PV opened at the appropriate time. When we adapt and mix-and-match engines, vehicles and carbs it is our job to assess and tune the carb to the situation. 1st we have to know how the carb works. The PV is a vacuum activated switch. When vacuum drops below the rating of the PV, it opens allowing a meaured amount of extra fuel into the engine. Finding that "best spot" is our job as tuners. Too high a setting the PV opens too soon wasting gas. Too low a setting and the PV almost never opens, hurting performance and possibly causing engine damage.
Adios, David