Hm, what's SRF of the full winding (roller inductor at max setting)?
I think if it's higher than Fmax, you won't be in danger of at least exciting higher modes. (So, no crazy voltages due to that, but more importantly, no resonant trap sucking down all your power and screwing up the tuning..!) I suppose it better be, either way, else you'd have problems in the first place.
You will get some transformer action either way, but not as bad as you might think. The coupling factor between end-to-end solenoids of modest length/diameter ratio is modest (say 0.3-0.7), which means the voltage won't be quite as high as the turns ratio might imply.
Leaving it open stands a better chance of having lower losses, assuming of course the voltage on the far end doesn't reach breakdown. Shorting it depends on the rolling contact having low resistance to make a solid shorted turn, which is rather unsatisfying to me. The short does increase available inductance ratio.
Tim