Like clothing that takes a little while to warm up when you put them on, Down will cool down some as you sleep if you are too warm. The perspiration you release will dampen the down somewhat causing it to collapse a bit. It sort-of adjusts by itself, but it takes a bit of time to do that.
Loft is only one component of a bags entire warmth. By compressing it down (mechanically) it will only hold lesser amounts of air generally, but, smaller trapped air pockets usually mean better overall insulating. I don’t believe this will have any great effect on the down, generally. Probably on the order of a couple or three degrees F overall. Unless you remove 1/2 of the loft, you won’t notice that much of an improvement. Dry, it will still trap air.
Damp down will compress by itself and the water will transfer heat away from you faster. You could wipe the shell with a wet bandana and see a greater effect, and, not have to worry about carrying extra weight. ‘Corse, it might take a while for the down to dry out over a cooler evening, too…difficult to regulate.