I have peer guardian 2 and cable internet. I ran 2 speed tests with no other internet activity going on. When peer guardian was off I got 4.3 mb per sec. When peer guardian was on I got 2.7 mbs per sec.
only a teensy weensie degree tho. All "allow http" does is remove the IP restrictions from port 80, the http port, aka webpages. It means that it won't block ads and spyware from running, if you've installed those lists.
PG should NOT really affect normal browsing speeds though, pages should work, or they should NOT work at all, timing out and giving you errors. The error means it's blocked.