Good question Larry. It is true that your elevator when moved 1/16" an inch, would only now be even with the stab surface, but, the airfoil has changed, and therefore the lift generated by the combined surface of the stab and elevator. It's because the airfoil formed is more like a lifting airfoil rather than the symetrical arfoil we started with.
It would appear that near, and around nuetral, the lift generated would be smaller than when the elevator is deployed more, acting like a greater and greater undercambered airfoil. If this is so, then the effect may be quite desirable, acting somewhat exponentially.
It's similar to, using a thicker stab so the elevator is less effective around nuetral, though not as drastic.
The largest draw back to the thick stab method of trimming, is that when the elevator is blanked out by the thicker stab, there is often a hesitation that is very apparent at the intersections of manuvers such as the Eights.