Water level for skimmer

Considering that the wide mouth skimmer on my pool is approx 6 inches tall, is there suggested standard water level other than enough to supply the pump, and not too high to allow for skimming action?

I usually keep my water level at the second screw on the skimmer, which allowed approx 3 inches of air space to the top of the mouth.....with all the rain we've had, the water level is at the third screw which provides approx 1.5 inches of air space to the top of the skimmer mouth.

I guess my direct question is; Other than covering the skimmer with water, does the amount of air space between water level and skimmer mouth make a difference on skimming abilities?
 
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