Gil,
Thank you for pointing out it's opening the inlet early for the buffer. I shouldn't have confused it with early cut-off for expansion.
I suspect the difference I see in the same engine with compressed air vs steam mat be due to early cut-off. A steam engine under steam will gain benefit from early cut-off but with compressed air... Nope.
I noticed that on some no-regulator Falls, the cut-off is quite early.