You're essentially correct that it has to do with the size of the grains & smaller grains capture less light than big ones. On the other hand, those smaller grains develop faster. In more traditional papers: warmer tone = slower paper speed, faster developing time; colder tone = faster speed, longer developing time. MGWT doesn't quite comply with that - it has a longer emergence time that's generally more in line with the lower chloride content, more 'neutral' tone papers & this more than likely has to do with the use of more complex emulsion technologies in its manufacture which probably allow tight control of grain size & thus 'warmth' of the final emulsion. It's a great paper - and the ART300 even more so.
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