Leaving questions blank at the end DEFINITELY hurts your score. As Rich said, we can't put a number on exactly what that penalty is, because the algorithm is a complex combination of many factors. However, we do know that missing the last 7 questions carries more of a penalty than simply getting the last 7 questions wrong. (This is from Larry Rudner, former head psychometrician for GMAC).
If you're ever running out of time, it's better to just guess randomly on the last few questions than to leave them blank.
Ceilidh Erickson
EdM in Mind, Brain, and Education
Harvard Graduate School of Education