I would like to think, (this just my thoughts) that while the blower draft plate is wide open, the fire will get all the air it is allowed to, producing a much hotter fire, meaning less creosote on all metal surfaces meaning, a clean metal surface, gives better heat transfer to the water, less chance of premature blower motor burn out & perhaps less amperage draw.
I believe the wood consumption will be equal to whether the plate is wide open or partially closed. My thoughts here again, while wide open, the stove will run more efficient while giving it a longer life.
There are situations when this blower plate does have a place for it, when we have gusty 30-40 mph NW winds or too much overly dried wood in the fire box. Because of this, the water temp tends to slowly creep up or, may over-shoot my set temp by 10+ degrees. I find in my case, that adjusting the blower plate temporarily, corrects this issue, (most of the time).