Hi Larry,
Plug into the wall drill or battery powered?
If you used a plug in the wall job then this difference seems too large. That's more than 4% and it's on the order of a missed turn in one winding. That would be bad.
On the other hand, if you used a battery powered drill, and you got the readings in reverse order (high first then dropping each time) it's because your drivin drill discharged and slowed down.
Then, I don't know what it means.
In general relative balance phase to phase out to be much, much better than one divided by the number of turns on the stator. Much, much as in 1/10 or 1/20 times the 1/# of turns.
For example if the motor was a 12-turn job, and you saw an 8% difference, you'd know that one winding was mis-wired by one turn.
That motor would run, but it would run hot and make grindy noises and pull tons of current because it would be fighting itself every commutation cycle.
The ESC would probably quit if you loaded it hard due to current overload.
Hope that helps,
Dean