If I can't swallow the Colostroid capsule, will chewing it or opening it to release the powder make it any less effective?

In short, yes. Encapsulating Colostrum ensures that it is delivered lower down in the digestive tract without being exposed to the high acid environment in the stomach. The growth factors in Colostrum are very fragile and can be damaged by the acidic enzymes of the stomach, reducing their efficacy. I recommend placing the capsule into a piece of soft food that does not need chewing and swallowing it that way. Also many people find that using a thicker type of drink to wash capsules down is helpful, rather than water.