So what is the end result in reception and difference with the HP-2 not having a true narrow band filter as compared to the BCD436 in reception which does have the true narrow band filter?
If there are no adjacent frequencies in use, no difference. If adjacent frequencies are used, a world of difference. Depends entirely on frequencies in use in your area (and relative duty cycles...to interfere, the adjacent frequency must have a transmission at the same time as the target frequency).