In theory, guide rate should not materially affect guiding. The only thing it should affect is the duration of the guide pulse. However, in practice, there are always complicating factors. Things tend to get really complicated with ST-4 guiding - which is the primary reason that mounts allow you to set the guide rate. With ST-4 guiding, a guiding correction is performed by first sending a command to the mount to start the guiding move, and then sending a stop command to the mount when the move is complete. The mount is continually polling the guide port waiting for these commands. However, the polling frequency is crucially important. Most older mounts have a relatively sparse polling frequency - sometimes as low as 4 times per second. While that may sound fast, those 250ms between polls are actually quite long. Imaging that you are guiding at 0.9x sidereal, and PHD2 decides that it wants to make a correction of 0.2 arc-seconds. It would calculate a guiding correction duration of 15ms. With ST-4 guiding, it would work like this. PHD2 would send a "guide" command to the mount and 15ms later, it would send a "guide off" command. However, the mount only polls the ST-4 port once every 250ms. So, the mount receives a "guide" command from the port and starts to make a move at the guide rate. It then waits (while still moving). Even though PHD2 sent the "guide off" command 15ms later, the mount won't receive the command until the next poll 250ms later. So what should have been a 15ms movement turns into a 250ms one and potentially even longer depending on the timing. Now this is a worst-case example, and most modern mounts poll faster than that but even at a polling frequency of 100 times per second, the interval between polls is still 10ms. Depending on the timing of the "guide" and "guide off" commands, the correction can be as much as 10ms too long. Most of the puny processors inside mounts aren't capable of polling much more frequently than that while still performing the other mount functions. For this reason, a slower guide rate is recommended for ST-4 guiding since a longer guide correction will be less susceptible to polling error.
With ASCOM pulse guiding, things work differently. The PHD2 software does not send individual "guide" and "guide off" commands. Instead, it sends a single command that says "guide for XXXms" and that's all. Here there is no polling error. The mount receives the command and executes it without waiting for a second command to stop. So guide rate is far less important. However, there are a few things to keep in mind. For heavily loaded mounts, or mounts that are not particularly vibrationally stable, a fast guide rate may induce some "bounce" particularly if several pulses come in succession. On the other hand, fast guide rates will make settling after dithers go much faster. Slow guide rates have disadvantages as well. The longer pulses take longer to complete the correction, so the deviation remains in place longer (though we're still only talking about milliseconds). Additionally I have read (though this seems dubious to me) that slow guide rates tend to have more difficulty overcoming stiction in the mount.
So, here's my advice (worth every penny paid for it). If you are using ST-4 guiding, the first thing you should do is stop and switch to ASCOM. Failing that, you should pay close attention to the guide rate and guiding performance when short pulses are used. You want to set the guide rate slow enough such that you don't see overshoot from polling error. 0.25x is a good starting point. If you're using ASCOM guiding (if you're not, you should be for this very reason) don't worry to much about guide rate. You typically can set it as high as you want up to the point of inducing mechanical bounce. When people ask me about this, I typically tell them to start at 0.5x and work your was up until you notice a degradation in guiding, or until you reach your mounts guide rate range limit - whichever comes first. If you don't want to do that, just start at 0.5x and leave it there. You are not likely to see mechanical bounce at that rate.
Finally, when using ASCOM guiding, the guide rate should have little to no effect on guiding performance provided you aren't seeing bounce. Even long pulses will almost always be completed before the next guide image is taken since even long pulses are still only a fraction of a second long. As a result, the correction is almost always in place before the next guide image is taken. So, no harm, no foul regarding guiding performance. However, a higher guide rate can produce better images even when the guiding is unchanged. That's because the corrections happen faster so the imaging sensor is collecting less time with the tracking deviated. However, this effect will likely be tiny and not noticeable. If you are having guiding problems, there are at least half a dozen other genuine gremlins you should be chasing before you even consider changing the guide rate.
Tim