Like Paul our "Bullet Whisperer" said, all things being more or less stock, about 5 or 10 mph (about 8 to 10 kmh) less top speed compared to a comparably standard 500 Bullet might be expected, along with a little less "Oomph!". But there's still plenty of fun to have with a 350 out there on those nice little "B", "C" and other roads out there all around Ballarat, where it wouldn't need to struggle (See: https://www.travelvictoria.com.au/victoria/roads/).
By the way, there's also a town named Ballarat in California, named by one of your countryman. All but a ghost town now, it was once a fair-sized center for mining in the area. It's had a peculiar history, including the Manson Family shacking up there for a bit.
(https://upload.wikimedia.org/wikipedia/commons/thumb/a/ad/Ballarat_California.jpg/250px-Ballarat_California.jpg)
Rush Hour in Ballarat