>for i in grep -E '^htt.*\.pdf$' pdflist
;do wget $i; pdftotext -r 300 ${i%.pdf}; done
It isn't equivalent, since basename strips off the leading http URI element. ${i%.pdf} is OK for a filename but not a URL.
You could do a more complex match, but might as well use basename since it will handle any unusual cases more smoothly.
sK:dd