Brake torque is generated in the rotor, and torque is force x distance from centre. So reducing the diameter will reduce braking.
But you're doubling the number of rotors so I think it would be a non-issue for braking performance if all else is equal.
With the reduced rotor diameter, will the disk surface width be smaller than the brake pad? That would be a bad idea. Machining the stainless rotors is difficult. You want to have a finish that doesn't have a lot of stress concentration points like tool chatter marks or , catastrophic failure of the rotor is possible and it would happen at high temperature and high stress.. like in a panic stop when you least want your brakes to go away.