My reasoning (perhaps faulty) is that the extra noise indicates extra friction.
I think your basic reasoning is good, Dave. If the chain is slack enough to create noise, it means more of the chain is in contact with the 'Glider. No matter how small the coefficient of friction, the greater the contact, the greater the friction; it goes to reason.
However (you knew this was coming), the friction of chains against some kinds of plastic can be amazingly low. I am in the midst of crafting a recumbent from a child's full-sus MTB and am playing with chain routing. My most recent effort involves running the chain partly through a polypropylene tube (the kind commonly used in yard irrigation systems) secured to the frame with nylon P-clips. The tube is slick to the touch and when the chain is lubed, the friction is very low (I belled the ends by heating and expanding so the chain doesn't snag on entry/exit). There is some noise, but it is much less than I anticipated.
I suspect much the same effect is going on inside a Chainglider with a slack chain -- more friction than if the lower run was "gliding" free, but not so much overall.
There's another thing to keep in mind: If the Chainglider does indeed "glide" partially along the upper run of chain, this will still hold true even under drive with a slack chain. The only additional friction would be from the untensioned, lower run of chain making internal contact. I postulate the greater noise from a slack chain comes from the additional lower-run contact area coming into play.
All's well till the elves go on strike and become slackers...and the chain excessively so.
All the best,
Dan. (...who is still lusting after a 36t chainring x 17t splined-sprocket-on-slim-carrier Chainglider)