My first job out of high school was as an apprentice pipefitter and the first thing I learned was to open the valve and then close it slightly, because you don't want someone putting a wrench on a jammed open valve and trying to open it further.
I have to believe that pipefitters know more about valves than scuba instructors, so I still follow that advice to this day, 20+ years later. In a panic situation, you may waste time trying to force open a valve that's already open. On the other hand, if you try to open it and it turns slightly and stops, you know it's open all the way and you can immediately begin looking for other solutions. At 200+ fsw, I've had no problems with reduced regulator performance, that's a red herring argument.
AFAIK, there was one incident years ago where someone claimed the student couldn't breathe due to the valve not being fully open. I've seen this once myself, but it turned out the student had the valve 1/4 turn open, not 1/4 closed, which is a whole 'nother animal.