It can be a complicated answer or a very basic answer.
A loose converter will require more rpm to get the car moving but the most noticeable thing about a loose converter is very little rpm drop (200-400 rpm) on the gear change and a lot of slip % at the finish line. A loose converter is easier to launch and get a good 60' time but after about 200 feet into the run you are wasting a lot of power.
A tight converter will drive like a stocker and have a lot of rpm drop (1400+ rpm). These make building boost harder and are harder to launch but they deliver the max amount of power to the tires. A converter that's to tight will also keep the motor pulled down to far into is power range. Desired rpm range depends on the cam size.
The right converter for a given combo is something in the middle. You want the spool up to be fast yet still slip as little as possible down track. Where it gets complicated is with turbo cars. There is no real stall speed and a converter that's just right at 15psi can be to loose at 25psi. Stall speed changes as the torque of the engine changes. When I spec a converter for a customer who says he wants to run 10.50's but he's running 11.50, the converter will be to tight.
This is a very basic explanation of it. Then you get into turbo size, weight, gearing. I will say the most important thing in the Buick world is to not over turbo the car. If you want to run 11.50, you don't need a 67mm turbo. Keep the turbo size proper and converter selection is easy.
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