<< speed will decrease down to the slower drive's rate. >>
No it will not. IDE can handle master and slave being different speeds just fine. You can hang a PIOMode4 CDROM off an ATA100 hard drive, it won't slow the hard drive down one bit.
IDE is ineffecient at multitasking so if you try to use both Master and Slave at once both will take a performance hit (this is true if they are both the same ATAxxx or if they are different, or even if one is PIOMode4), because IDE can't effeciently use both at once.
But having an ATA33 device paired with an ATA100 device will NOT slow the ATA100 device to ATA33.
It used to be the case, but it's not anymore. It's been a long time since it was.