Aside from whether the meters read correctly or not, in general you will get less power if you connect a given speaker to a lower-impedance output transformer tap, not more.
If your "power meters" are actually voltmeters that have power levels printed on the scales based on an assumption about the load, then they will behave exactly as you describe - the indicated power is pessimistic if the actual load is lower than presumed, and higher if the load has higher impedance. If they're ammeters, they will behave opposite; a lower than expected impedance will indicate higher power than is actually being produced. True power meters, whose readings are based on the product of voltage and current - which Ron says the 501's are - will indicate correctly regardless if the load is proper or not.
If your actual load is lower than the design load, the output stage will be asked to produce more current than expected at a given power level. This can happen if your speaker is really, say, 4Ω but you connect it to the 8Ω tap. The output transistors will produce more current than they should, even at lower power levels, and may go into protection (if that safeguard exists), or could fry themselves if not.