For both questions (will it hinder the experience and/or form a deeper pledge class bond), I think it depends on what activities are still allowed.
I've know chapters that were in a similar situation where social events - as a chapter - were not allowed. About the only thing they could do - as a chapter - was hang out at the house. However, they were allowed to participate in - on a limited scale - some philanthropy events. Mainly events that were open to anyone on campus as it were. Also, individual members could still attend their girlfriend's (friend's) formal and attend date night functions at her sorority. And they were able to go to ball games together just not as a chapter. But since it was only for one semester, it really did not seem to affect them much at all. Heck, the next semester, they were back in the social thick of things.
As such, I would suggest asking the brothers directly what they intend to do *social wise* to pass the probationary period. If it seems satisfactory to you, then you may want to consider pledging them. If not, you may look at other fraternities or even wait a semester until they are off probation.
Best of luck.
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