Thanks so much for the replies everyone.
I also forgot to mention how this post came about! I have 2 old cars with stock suspension with street tires. 97 Honda Civic and a 1990 Mazda Miata. The Honda had over inflated front tires by 5lbs. And the Miata had under inflated front tires by 3lbs. But they both under steered mid corner at the apex or just before in dry conditions. When the tires on both cars were set back to recommend manufacturer tire pressures, both cars were able to negotiate the corner without any undsteer mid corner. Everything is exaggerated in the wet, so it got me thinking there could be a good chunk of time to be gained with properly inflated tires while racing in the wet on slicks.
Everything just seems to contradict itself when thinking about tire pressures in the wet. Initially I was thinking a lower pressure (under recommend pressure) would give more grip by increasing the contact patch. But as others have already stated the water would actually be cooling the tires thus lowering the tires pressure already. Another thing that was mentioned above was the decrease in cornering speed, which would also contribute to lower tire pressures. I'm going to go with the higher pressures and let you guys know how it works out!
Plus also I know that driver factor in the rain is the #1 deciding factor. But this assumption of tire pressures is assuming that everyone is of equal driving skill. I've been working on trying to minimize horizontal load on the tires and being smooth.
Even if it's only .01 a lap from properly inflated tires I'll take it. Over 20 laps assuming one is consistent...that could make for a good finish. [-o<