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Of course it will affect filtration. Any method of flow reduction other than the one built into the aquaclear will reduce filtration.
The pantyhose trick is usually used to protect small critters from getting sucked into the filter, I had not heard it was useful for reducing flow rate.
You could either block flow into the filter somehow, that could prematurely wear on your motor though; or you could order a spare impeller and cut the fins a bit short, reducing flow without hurting the motor.
You could also rig up a sponge to the outflow of the filter.The water will flow through the sponge diffusing the current a bit but not hurt filtration.