kkearns wrote:The board does not add much balast below the water line (it is not a heavy board and does not really act like a keel
Correct, the contribution of an unweighted centerboard is not that of adding a righting moment. Instead it provides a
sideways force that is opposed to the sideways force of the sail, allowing you to point.
These two opposing sideways forces are what sets up the heeling moment. (A pair of opposing forces, that don't act on the same spot of an object, create a moment, which, unless it's opposed, will start to turn it).
To keep your DS upright, you create an opposing moment of two vertical forces, the boyancy and the weight. By hiking, you move the spot where these two forces act further appart, increasing the righting moment (without changing weight or buoyancy).
Raising your CB, will decrease the sideways force it generates. That reduces its contribution to the heeling moment. So you heel less, or can tolerate higher winds at the same angle of heel.
But something still has to oppose the sideways force of your sails, or your boat would forever accelerate leewards. That's done by the hull. It starts to drift (slip) leewards at a steady rate, wich creates a sideways force from friction. The hull slips just enough to create a force needed to balance the sail force: more in gusts, less in lulls.
So you still have the same opposing (sideways) forces, but since the hull is closer to the sails, the offset distance between these forces is less, and therefore the heeling moment is reduced, reducing your risk of capsize.
Nothing is free: you lose pointing ability and your leeway increases as well. In addition, because the center board rotates back, as it is raised, you are changing the fore and aft alignment of the opposing sideways forces, creating or increasing a moment that tries to turn the boat away from the wind.
Where you had weather helm before, you might get neutral or lee helm instead, which might appear like a loss of control. As was pointed out in the thread on sailing with main alone, this side effect of raising the CB is useful to counteract the loss of the sideways force when the jib is taken down, restoring some balance.
Whether raising the CB and trading pointing capability for reduced risk of capsize or improved helm balance (mainsail only) is a beneficial tradeoff depends on the circumstances. But in my view theres no question that it is useful to know that the tradeoff is possible and how to achieve it when needed.