I try to relate some of the stuff I've learned from bashing Miatas around autocross courses...and high school physics class too. :D
The biggest benefits of sway bars, IMO is improving driver confidence. If properly matched to spring rates and properly tuned front vs rear, they can certainly improve lap times too but a sway bar does not net any traction gain. It merely controls where the load is carried.
In a turn, a sway bar reduces load on the inside wheel and increases the load on the outside wheel. As we know, increasing the load on the outside wheel does not increase friction proportionately. On the contrary, it results in a net loss of grip.
How would you correct for a car that is understeering? If you say "stiffer sway bar," I don't know what to tell you. Just give it a try....then log into the forum from the bushes while you wait for the wrecker and let us know it went. :)
Ok. Fine... In a case where your car is losing grip due to excessive positive camber under load, increasing sway bar stiffness and decreasing compression of the outside suspension can correct for this geometry problem and improve grip. Maybe that is a relevant concern when looking at factory alignment specs on our old cars.