Very good, it looks like we all have a common understanding of the role the valve adjuster plays in the tuning process.
Indeed, I think the quote "how far the valve can actually be opened" suggests it somehow only manipulates lift but you guys are correct that it will also change the dwell (how long it's open). That's because when the hammer runs into the bump stop, its momentum is arrested...momentum being the property that influences dwell.
This feature has an interesting potential--and Chuck, this goes to your question about the difference between a "low pressure/high volume" and a "high pressure/low volume" system. What it does is it allows one to use a somewhat high regulator setpoint and adjust for a high pressure/low volume type of tune. This tuning approach is generally regarded as better for at least a few reasons:
1. A quick burst of very high pressure is more efficient. That is, a small volume of very high pressure air continues to expand and accelerates the pellet until it leaves the muzzle.
2. It produces a softer report...more like a quick pop than a long boom.
3. It accelerates the pellet more quickly which gives a quicker lock time.
Those familiar with the strategy of using a light hammer will recognize these two approaches as being similar. Examples would be removing material from a factory hammer or making a new hammer from a lightweight material like MDS nylon (molybdemum disulfide impregnated nylon).
Just bear in mind that like most things, too much of a good thing is not good. Get the lift and dwell down too much and you'll start seeing inconsistent velocity. But in moderation, it's a good tool to use.