When I use retarder, which is not often, I use Randolph's. Makes sense because I use Randolph's dope. The directions say to use *up to* 20 % of the total amount of thinner used. That is way too much. A lot of the time I'll thin the dope to 60% thinner.
To answer your question, yes it slows down the drying time. If there is too much retarder the clear can be so slow it will so bad things to you colors, assuming you are using it for a top coat. I try not to use it unless I get some blushing, even then an extra coat of thinned clear usually fixes things.
I guess the answer is to go light on the retarder and increase as necessary. I live in Seattle. It's been know to rain a little here too. Your Dad is right, just tread lightly!