Is there any performance differency between 1/2" and 7/16"?

No. There isn't even any drop in going down to 3/8" apparently. I like the chunkier look of the bigger pipes though.
 
^as above^

Much bigotry around this topic and while it may have been true that ½" was better when we all used heatercores and pond pumps with simple maze-style blocks, it has since been proved that with modern blocks, pumps and radiators there is little measurable difference between tubing sizes. I like to use 7/16" over ½" barbs because you don't need clips and that makes it look neat and tidy. (Slightly never-wracking the first time but after that, it's all safe enough.)
 
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