Dang
Hello,
This would have made a great Puzzler --- and maybe someday it will --- but for now I'll say yes, the lead acts to remove unwanted lateral effect from the sheet. Imagine, by contrast, that the sheet led to a block on the face of the mast, but directly aft of the traveler. In this position, it would always be pulling the clew inboard unless the boom happened to be amidships. The same thing is traditionally accomplished by leading the sheet forward to the base of the stay, then aft.
Fair leads,
Brion Toss
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