Hoople,
We don't have exact AFR numbers for the difference between open loop and closed loop. It is true though that in open loop mode the AFR is richer. Why? Closed loop mode is intended to help pass emissions which is optimum during a slightly lean running mixture. This is completely opposite of what creates the most power and performance.
Ultrat,
We would assume if you're shutting the unit off then you are doing a quick test to verify if the controller is causing a problem or not. You would not have to remove the bypasses. The bypasses just make the bike's ECU run off the stock map and not continually trim the fuel to match a specific AFR.