The name of the game is total barrel dwell time. The the total time it takes from sear trip to have the ball exit the muzzle. The shorter (elapsed time) the better. The TH is a component of a whole series of components involved in the process.
What you're after with the flint / frizzen / pan / TH / main charge chain is the fastest total barrel dwell time that is absolutely reliable. So changes in any of the components are going to affect the total barrel dwell time. Most people have settled on 1/16" as a good middle ground number for TH size, but I've heard of TH sizes as small as .055", and as large as .100". Generally, the larger the caliber and powder grain size (in your main charge) the larger the TH size is used. I personally use a TH size of .060" because I don't totally clean between shots (fouling in the TH impeded the pan fire from getting through there), and usually ue 3Fg as my main charge powder.
TH size is a balancing act. The larger it is, the easier (and probably faster) the pan fire will be to ignite the main charge. On the other hand, the ball won't start moving forward until the pressure builds to a large enough extent to ignite it. A larger hole will allow more gas to escape through it, and more powder will have to burn before the pressure on the ball builds to the advancing stage. An (inside) coned vent liner is a mechanism to allow the fire coming from the outside to come in contact with as much main charge powder as possible once it gets through the opening, but limiting the opening size.
Once the main charge is burning, any escape of gas through the igniting hole (or gas blow by around the ball) is going to slow the pressure build in the chamber. / under the ball. That's why cartridge guns and cap locks have so much shorter barrel dwell time than guns with touch holes.