Ok, that we have to move to see the hole (in other words, that the hole is not visible all at once from a certain distance) is reassuring. But if only part of the entrance pupil is visible, isn't the usable pupil effectively smaller? Or put differently, how can the light from one point cover the entire pupil when from the same point, part of the pupil is obscured by the lens casing?
Even in lenses where the entrance pupil is smaller than the front element, i.e. a 50/1.2, looking at the entrance pupil from well off-axis, part of the pupil is obscured by the lens casing (we see at cat-eye shape instead of a circle). This is -- so was my understanding -- part of the reason why we get strong vignetting on the periphery of the image circle with fast lenses. In a lens where the entrance pupil is bigger than the front element, I would think that the effective aperture drops in the far field because we have to be close to the front element to see the full pupil, even on-axis (I think you just confirmed this conjecture). Depending on where the entrance pupil is (how far back in the lens is the virtual image of the aperture, not the aperture itself, located), this may never be observed in practice when the lens is used as intended. But I still wonder whether the image would get darker when focused at a far distance, or if not, what would be the explanation.
At any rate, this lens is intriguing even if you don't have it