Put a pipe surface thermometer on the pipe before it enters chimney. You can't tell what you're doing without knowing the temperature. A surface thermometer reads about half the actual inner flue gas temp.
The setting will be different for everyone. You are adjusting for chimney height and diameter, your elevation, fuel...... and how much heat is required, many variables.
The object is to keep the flue gasses above 250* f. to the top of chimney. (when smoke is present) The better the flue is insulated, the easier it is to keep it hot, with less wasted heat. 250* is the condensation point of water vapor from combustion rising out of the chimney. Below 250 the water vapor condenses on flue walls allowing smoke particles to stick. This is creosote. So burning more particles in the firebox allows lower flue gas temps, but keeping above 250* is also critical for the proper draft since this is what allows atmospheric pressure to PUSH into stove feeding the fire oxygen. (A low pressure area is created in stove by rising gasses in chimney)
If you currently use a pipe damper to slow draft, (it is a chimney control that affects the stove) you will be able to run it more open with a baffle since the baffle adds a slight amount of resistance in the firebox instead of adding it in the pipe with the adjustable damper.
Otherwise the baffle doesn't change your air setting much. With more heat radiating from stove instead of loss up chimney, you should be able to run it closed a bit more increasing efficiency of stove.
The air intakes are simply a resistance to flow. The chimney creates the low pressure area or draft, and the pipe, elbows, tee, variable damper, even top screen or rain cap all create resistance in the system. The most resistance is the air intake opening size. The baffle adds resistance within the firebox as well, which is adjusted by the "smoke space" above baffle that the exhaust gasses must travel through to get out. The angle of the plate also affects resistance as well as technicalities such as flame impingement (flame tips dissipating too much heat into plate), so keep it angled upward to prevent unnecessary resistance. The smoke space cannot be smaller in square inch area than the stove outlet, pipe and chimney diameter.