Yes, he'll suffer a 20% XP penalty.
Sorcerer/Bard is a good combo, because Charisma is the casting ability for both classes. If you plan to keep the levels even (not more than 1 apart) the penalty will not apply. So in this case it will disappear as soon as your character becomes a Bard 3/Sorcerer 2. However, if you plan on making one of both classes have the upper hand, so to speak (for instance giving him only 4 levels of Sorcerer and putting the rest into Bard), then the penalty will continue to exist. You could make him a Wizard/Bard instead, with bigger or smaller success depending on his Intelligence, but that's your call. IMHO, that 20% penalty isn't that big a problem.
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