It's not necessarily a "heavy air / light air" adjustment.
The holes in the clew plate adjust the angle of the sheet relative to the jib. The objective is to sheet the jib in evenly to maintain the airflow without excessive twisting at the top or choking off the slot between the main and jib.
The best way to do this is to have three sets of tell-tales on the jib - one in the middle, one at 1/4 up from the bottom, another at 1/4 down from the top. All of them are about 1/3 back from the leading edge.
Sheet the jib in and go to weather. When you have all the tell-tales streaming back, slowly head up, watching the sail. If the top windward tell-tale "breaks" (starts flipping up) first, then you need to move the sheets up a hole in the clew plate. If the bottom windward tell-tale breaks first, then you need to move the sheets down a hole in the clew plate.
Remember the old Chinese proverb:
Blake hi, tac too lo
Blake lo, tac too hi