More discussion ...
(Armchair sail theorist alert)Most of what you say seems quite reasonable. My one thought would be that the pitching of the boat through waves involves relatively larger forces than the variation of forces resulting from the changes in AW and AW angle. If that is true, then the moderating effect on pitching would not be that big. You do mention a "light displacement" boat. But larger boats, with larger displacements, and taller rigs (the important factor) will have a more dramatic effect on the pitching of the mast. I suppose once the boat length starts to exceed the wave length by some factor, then pitching will be reduced.Ross Garret (I think that's his name) has a great book on the Symmetry of Sailing, and I was just reading a section on this exact subject last night. He provides an example where the AW at the CE point of the sail might vary from ~7-~20 knots (with a correspondingly large variation in wind angle too) for some sample boat, wind and wave conditions.He does discuss an interesting fact where it takes a certain amount of time for maximum lift be be achieved when the AW wind angle changes. The amount of time can be calculated directly from a few things (wind speed, chord length, etc). I guess the idea is that a pitching mast/sail will have a hard time generating, or attaining maximum lift.It's important to keep your boat moving through waves, and having your sails luffing for a portion of the time, might sacrifice too much power. The other approach would be have your sail adjusted so they never luff. Then the sails would vary between pulling hard, and over sheeted and maybe somewhat stalled. As Ross Garret discusses, depending on how long the sail is somewhat stalled for, and how long it takes for the air flow to adjust to the change in AW, might mean that you get more power than having your sails luffing some of the time.Food for thought.Chris