This is interesting, Don, and raises a question I have with the current wisdom about shaft flex and dynamic loft.
The current wisdom (which I believe originates with Tom Wishon) is that unless you have a swing speed over 100 MPH and a very late release, there is no dynamic loft as a result of shaft bend. Without these swing characteristics, every shaft we swing, regardless of flex profile, comes into impact with little to no flex/bend in the shaft. As a result, the flex of the tip section of the shaft (or any other part of the shaft) shouldn't matter in terms of ball flight.
The implication/extension of this "wisdom" is that since there is no flex in the shaft, any change in dynamic loft is a result of how the player delivers the club into the ball. That difference is generated by a difference in feel of the club. As others have pointed out, feel, in terms of the shaft, is primarily a function of weight and balance point. I would add to this list, flex in the butt section and/or a difference in the ratio between the butt and tip flex, if you're sensitive to this.
Here's my question for Mr. Wishon, et. al.:
Tom says that the one effect that can result from a stiffer tip section is that impact will feel "harsher." The only way I can think of this happening is if the shaft/head "gives" a little at impact, which makes total sense. The softer the shaft, the more give and softer the feel. However, if that is the case, then wouldn't this slight give also result in a softer shaft bending back slightly, which would reduce loft? That would explain a bit lower trajectory.
(On a different note, but one related to this same topic, wouldn't the "give" in the shaft at impact also affect the efficiency of the energy transfer (think the difference between throwing a ball against a hard and soft surface -- throwing a ball against a wall and catching it is fun; throwing it against a mattress, not so much).
I know that this consideration would create a very small effect, but I'm curious about it.