There are no holes to plug and a heavier piston would be slower to react, and thus reduce mv I would think. No?
Official answer. It can vary.
The idea is to tune the impulse of the piston slamming home at the front of the chamber (which it should not actually hit, as it 'should' be slamming into a cushion of compressed air) so that it transfers the most of it's energy to the pellet in the barrel.
Too light a piston/spring, and the piston can bounce off the cushion of air, and reduce power transferred. Too much, and it drives the pellet out without adequately transferring the energy over. Balancing act.
Another tactic, is to use heavy grease or 'tar' on the spring and guide, to reduce the amount of rattling and vibrations. I got some Moly and some heavy and light Tar from Maccarri, Stateside a fair few years ago, when I was on a bit of an airgun kick. Ever see one of those slow motion shots of a gun being fired, with all the stuff you thought was rigid, flexing like it was jello? The idea is to minimize the shaking, without slowing down the piston too much. A fitted rear guide can help in this respect too.
You pretty much have to do a case by case search, to see what the makers did to 'Canada-proof' their various models. Some used de-rated springs, some used a different piston (longer piston=Shorter stroke providing power), some barely did anything that isn't reversible and others did a lot of changes.