I'll speculate - Because one of the major products of combustion is water it's important to get it out of the muffler to prevent corrosion to it because of the acidic environment. If the muffler does not heat up hot enough to evaporate the moisture then it will just sit there and corrode it. This is why newer auto have stainless steel systems.
Draining it periodically is a great idea if it is only used briefly. I doubt it will improve/decrease performance but removing the moisture should increase muffler life. Be sure to coat the plug with anti-sieze before installing it again.