No, even a blimp should be able to point.
That is if you consider pointing ability to be only the relative angle of attack of the wind on the sails. It is however effected by the rig, the width of the shrouds and spreaders and the distance of the mast from the head-stay fitting. These things affect the sheeting angle.If however, you are talking about the boats ability to go to weather (windward) there is a little difference. Mostly because of the extra windage, which results in a slight loss in forward speed, with an increase in leeway. Other factors which affect forward speed are angle of heel, the amount weather helm, and sail balance. Also the keel depth, it's fineness, whether it's articulating or not, the frontal area of the underbody, the fineness of the entry, the smoothness of the bottom and the turbulence at the transom, and the drag of the propeller. The things in the first paragraph also apply, as do the turbulence around the headfoil and the mast, The proportions of the rig (high aspect rigs go better to weather but poorer off the wind), and of course sail trim, draft placement and many other details.Don't let freeboard alone be a disqualifying factor. You have to look at the whole boat.That being said, pure racing boats have as little windage (freeboard) as possible.Have funJoe S