The details of how damping works in general is better studied in reference book such as RaceTech's Suspension Bible - Ricor uses slightly different terminology but is talking the same thing - Chassis movement damping = low velocity damping, wheel/bump movement damping = hi-velocity damping.
From reading this, I don't think low velocity damping is the same as Chassis movement toward earth. So, an Emulator's cap pressure relief cannot react differently to a compression input depending upon whether the input comes from the wheel, or the input comes from the chassis.
This explains why I could jump an Intiminator-equipped bike and the landing wouldn't bottom out the suspension. When the bike lifts off from the ground, the forks are soon maximally extended, then as the bike begins to descend toward the earth, the Intertia valve reacts to the oil in the shock relative to the movement of the entire bike chassis as it drops back to the ground. This results in the Inertia valve being MAXIMALLY closed upon landing...so, it's going to fight as much as it shim stack will allow it to resist that compressing impact as the bike's chassis is rushing toward the wheel that just hit the ground. That's why it feels so stiff on landings.
On a simple bump impact, the oil in the forks is NOT affecting the Intertia valve to force it closed, allowing it to completely blow off in response to the wheel driving upwards. That's why it feels so pliable over bumps.
The Emulator can't discern a difference between a hard landing or a hard impact bump...it only senses the speed of the movement. That's why the more pliable you make the Emulator, the more likely it will bottom out if you jump it, and the more you make the Emulator stiffer for landings, the stiffer it reacts to a hard single bump impact.
I think I got it!
Now, to see if I can understand rebound....