Lets look at what Chapman has to say on the subject of mainsheet travelers.
"Depending on many variables, the traveler car is either pulled up to the windward side or let down to the leeward. Once it is fixed in place, frequent small adjustments are made to the mainsheet to account for changes in apparent wind speed and angle. These adjustments both position the boom laterally and release or apply tension to the leech, depending on the traveler car’s position. In some racing boats, the traveler tackle becomes the principal control for the main while sailing close to the wind. (P.223)
= =
The traveler, of course, provides a means of balancing the mainsheet’s vertical and horizontal pull on the boom. As the mainsheet is eased, and the boom moves to leeward, the angle of pull on the boom becomes more horizontal, removing tension from the leech. When the traveler car is eased to leeward, the pull of the mainsheet becomes more vertical, increasing leech tension.
The traveler car can also be pulled to windward in light air so that the mainsheet tension is more horizontal but the angel of the boom is still very close to, or right over, the centerline of the boat. This allows sufficient twist, but a smaller angle of incidence to the flow of air at the luff. A rule of thumb is to keep the batten second from the top parallel to the boom . ." (P.225)
More good stuff in Chapman’s chapter on Seamanship Under Sail. It is a worthwhile read. (P211- 236 in the 62nd Edition) [It's on the 4th of July sale at the local West Marine]