Gearing......does it make a difference.....?

In my experience, yes, but it's minuscule in terms of power to the rear wheel.

I tested it back to back on a Honda 110, an NSR150 and an NSR250. Basically three different sized sets of sprockets (same or close as possible ratio).

In the tests with all three bikes the outcome was the same. The small sprockets gave over rev, the large sprockets gave bottom end.

Probably many answers as to why this should be, but it was same same result every time we tried it.

This was on a Dynojet150