Since posting the question in July, I have found the following information:
The affinity laws are valid only under constant efficiency conditions. When an impeller diameter is cut it increases the radial clearance between the impeller and the volute. This results to increased losses due to recirculation. Changes in pump speed, up or down, using a VFD results in similar changes in recirculation losses, as well as changes in operating efficiency.
The affinity laws are most commonly used to derive energy-savings estimates from vsd-controlled devices in comparison with other types of control devices. However, the affinity laws are the frequent subject of debates. The argument is that in an actual situation, the energy savings of a fan or a pump with vsd control are not proportional to the cubic relationship of the speed.
Many individuals argue that it is more of a square relationship, to be conservative. Others would use a 2.x exponent, where 0 = x = 9. The value of x depends on the user, and is often based on the experience of the engineer doing the calculations. There are not hard facts to justify the figure, and there is no consensus on what the exponent should be.
Credit to: Tumin Chan, for R.G. Vanderweil Engineers, Inc. (Boston)