mkgus
For not-so-efficient systems that require lots of current, you could see a few volts of drop in longer lines during dynamic peaks.Quite so!
How would this affect the performance of an amplifier? Would it be better to size the line as large as reasonably possible to keep the voltage as close to 120V at all times?Yes. Derating the wire is accepted practice. NEC specifies only the minimum standards for electrical safety and performance.