This isn't the trade off. Isp is pounds of thrust-seconds per lb of propellant. By throttling down, you use less fuel for the same level of thrust, because while the heat of combustion is higher, by throttling down you reduce chamber pressure, thus expansion from the heat cools the combustion products while attaining the same exit velocity. There may be thermal issues, but with an ablating nozzle, as the Merlin has, the singular issue is ensuring the ablator is thick enough for the engines performance for one flight. Ablating nozzle will only be used for one flight, so the only concern is to ensure it doesn't burn through.<br /><br />Particularly if, as my research indicates, boron carbonates form a layer on the nozzle surface, this is an effective insulator that will protect the ablator from at least some of the increased heat.<br /><br />I am sure that we won't be able to use boron slurried kerosene on an engine out of the box. I fully intend to start the test program out with plain kerosene and work into testing nozzles with increasing concentrations of boron to examine the results and make necessary changes.<br /><br />As it is, boron is only needed to put the vehicle into orbit. Without it, a small upper stage can place a significant microsatellite into LEO from a high speed suborbital trajectory.