The valve spring is insignificant in terms of the force holding the valve closed. However the instant the poppet is knocked free of the valve seat, the spring takes on a significant portion of the force acting to close the valve. In this way it influences the balance of lift and dwell as the reservoir pressure falls, which is a desirable thing for producing a wide bell curve.
For example, Bob Sterne states “When unregulated, a heavier valve spring will allow a wider pressure range to be achieved within a given ES.”
Info on the effect and choice of valve return spring, Air guns, Airgun Forum
www.gatewaytoairguns.org
How much of an influence depends on the strength of the spring of course but also the diameter of the valve stem. A large stem already enjoys a comparatively large closing force, in which case the spring isn’t as influential. However people frequently use a small stem to preserve as much flow capacity as possible through the valve throat, in which case the spring plays a larger role.
In a time before I understood this relationship, I had replaced a couple of heavy valve springs with light ones…but in combination with other modifications so I didn’t recognize what the spring alone was doing. Later on I restored the original springs and sure enough, the bell curves improved.
Granted I have not explored the extremes, seeing if going to an ever stronger valve spring will continue to expand the useful pressure range. Logically there should come a point at which the dwell is so brief that it is impossible to make decent power or perhaps we run into some other point of diminishing returns.
Also as you say, there may be some important differences between pellets and slugs in this respect. My experiences described here are with pellets, and most of the guidance I’ve picked up over the years is generally in the context of pellets. Slugs definitely need more dwell so that suggests there is at least some difference in how it will respond.