Thanks for the responses but perhaps I asked the wrong question. I'll rehash my question. The question was not why does torque reduce with the intake in bypass. I dare to think I'm a smart enough cookie to understand that one.
Two identical aircraft to be piloted identically line up. Both are set at max torque and max rpm for the take off. One is in bypass and the other is not. Both ITT's are within limits though the one in bypass is or will be at a higher ITT.
Brakes are released.
Which aircraft will reach 50 foot first?