If by "bad" you mean that they had chunks missing from them, then yes that would cause a loss of pressure. It should also cause a lot of pulsation and probably a washed out head. I doubt that a piece of the o-ring would escape and get "down where the piston is" but most likely it would just run on through unnoticed. Sometimes debris can get hung under a valve and cause pulsation. You also need to check the valve bores for washout and for good measure pull the head and check the seal area as well. Frankly, if you ran the pump long enough to ruin five valve o-rings the head is most likely trash by now.