In reply to sbattams:
> Or will the stretch in the rope make it longer and take some energy away thus not getting as high
My first reaction was that that made a lot of sense - nice reasoning.
My second reaction was that at the top of your swing your instantaneous velocity is zero (and hence no radial acceleration required to keep you moving in a circle(ish) ). I think there might well therefore not be any rope stretch at that point. Therefore possibly you will make it as high as your starting point after all. (The rope will stretch as you come to the bottom of your swing, but will then un-stretch as you head upwards again)
On the other hand, if you start with the rope slightly slack (as you inevitably will do) then "common sense" says that you will not end up back as high as you started - although my addled brain is struggling to come up with a simple physical justification of that statement right now...