From wikipedia on photosynthetic efficiency:
'24% of the absorbed photon energy is lost due to degrading short wavelength photons to the 700 nm energy level'
Basically the plant uses a process to condition each photon for use in photosynthesis. 700nm light hitting the plant doesn't require any conversion and therefore no additional effort by the plant. Higher wavelengths providing more efficient photons for the plant can further improve electrical efficiency as a result. Think of it as reducing unnecessary overhead for the plant by providing it pre-conditioned power.
Emerson effect summarily states that there are two distinct photosystems operating at different wavelengths (sub 660nm and greater than 680nm) that increase photosynthetic efficiency by working together.
These may work in conjunction or as a result of each other, who knows. Both point to advantages of using light heavily focused in the 600nm+ wavelengths. As efficiency improves with the lower CCT whites they will be able outpace the performance of higher CCT values. 3000k CCT will replace the 3500k as the darling if it hasn't already now.
Regarding CRI, it has a negligible effect unless it increases the light produced in the red wavelengths or increases overall photon output. That probably is the simplest way to put it.
Putting plant species adaptations aside, I think a very effective (and hopefully efficient as technology improves) light distribution for plant would be:
10% white - equally weighted broad spectrum consisting of 400-700nm. This is intended to prevent or minimize any morphology variation issues common with artificial lighting.
90% red - Linear distribution increase from 600nm to max intensity at 700nm. Intentions are to provide the most usable photons with the least amount of wasted energy and enable the Emerson Effect.
The goal is to produce the most amount of photons with a set amount of power using that distribution. For example, if a 200w electrical power limit was set, you may be able to most effectively provide that light using 3 25w 3000k 70 CRI, 2 25w 2700k 80 CRI, 5 3w 660nm, 5 3w 680nm, 15 3w 700nm.