I personally consider the cap on the chimney a device to prevent water from entering my pit through the chimney. I have never used it to control the temperature or even out temps in the grill. That said, the manual for my Copperhead 5 states, "NOTE: Adjust the chimney cap to affect the airflow inside the main grill. If cooking at low temperature, keep the cap more open." I just leave it wide open all of the time. As a matter of fact, I remove it when I cook and just set it back on when I am done cooking.
From an engineering perspective, if you increase the temperature of air, it will expand. Looking at the table below I took from
www.engineeringtoolbox.com, a 150 degree (F) rise in temperature equates to about a 37% to 38% increase in volume. By volume, you will have about 37% to 38% more air leaving the chimney than the fan blew into the grill if you are seeing a 150 degree temperature rise over ambient. The more you heat the air, the more it expands. If you restrict the air flow, it will find the path of least resistance, be it through the auger tube, around the doors, etc. I personally see no purpose in trying to push air through any other hole other than the chimney so I never try to restrict the flow through the chimney, but that is just my opinion.
Edit below:
In the picture below they are talking about heating the air externally, meaning the air is air before and after it is heated. In pellet grills, a good portion of the air entering the grill is converted from mostly nitrogen and oxygen to CO2 and water through the combustion process. It is not an apples to apples comparison but it does get the point across that by volume, considerably more air leaves the grill than enters.