A faster twist rate, may mean increased rotational energy. I could see a faster twist rate decreasing the MV of a rifle, especially if its long enough to capture all the energy of a charge - but the same increased rotation, along with the increased drag, should reduce the acceleration, which would increase the amount of time the powder has to burn in the barrel - I could see this resulting in an overall increase of kinetic energy/possibly MV as well - even if it attains the same MV, significantly increasing the rate of rotation should lead to an significantly increased inertia.
The increased kinetic energy, with the same frontal area, should increase penetration,
I'm not sure how the increased rotational kinetic energy/increased drag/increased dwell time would balance out - hence, the question.
With a pistol, especially the short-barreled ones I'm thinking of, I don't know that the increased rotation will have a significant impact on group size - I know it can be a problem with rifles.