In the current practice of quantum chemistry, it is not clear whether corrections for basis set superposition errors should be applied to the calculation of potential energy curves, in order to improve agreement with experimental data. To examine this question, spectroscopic parameters derived from theoretical potential curves are reported for the homonuclear diatomics C,, N,, O,, and F,, using a configuration interaction method. Three different basis sets were used, including double zeta plus polarization, triple zeta plus double polarization, and double zeta polarization augmented by bond functions. The bond function basis sets, which were optimized in the preceding paper to obtain accurate dissociation energies, also gave the most accurate parameters. The potential curves were then corrected for basis set superposition error using the counterpoise correction, and the spectroscopic parameters were computed again. The BSSE-corrected curves showed worse agreement with experiment for all properties than the original (uncorrected) curves. The reasons for this finding are discussed. In addition to the numerical results, some problems in the application of the BSSE correction to basis sets containing bond functions are shown. In particular, there is an overcounting of the lowering due to the bond functions, regardless of which type of correction is applied. Also, genuine BSSE affects cannot be separated from energy-lowering effects due to basis set incompleteness, and we postulate that it is the latter which is strongly dominant in the calculation of covalent potential curves. Based on these arguments, two conclusions follow: (1) application of BSSE corrections to potential curves should not be routinely applied in situations where the bonding is strong, and (2) appropriate use of bond functions can lead to systematic improvement in the quality of potential curves.