I tried to respond earlier this afternoon, but I was interupted and had to shut down.
By definition a constant voltage machine will vary the current to maintain the proper arc length. In other words, if the arc length increases, there is an increase in arc voltage. With an increase in arc voltage, there is a corresponding drop in amperage. The change in current per change in voltages is a function of the slope of the power supply. The drop in current will decrease the melt-off rate. Since the wire feed speed is a constant, the arc length will decrease thereby reducing the arc length and the arc voltage.
With the drop in arc voltage, the current will increase thereby increasing the melt-off rate. With the increase in melt-off rate, the arc length will increase. The changes are dynamic, i.e., constantly changing (arc length and current). The system is dampened so that the machine doesn't respond instantaniously to each change in arc length, arc voltage, and current. The inductance of the power supply dictates how fast the machine responds to a change in voltage. The goal is to stabilize the welding parameters so the welder can have a "smooth" consistant arc.
Some power supplies have variable inductance that permitted the welder to tweak the system to produce the optimum arc characteristics for different base metals. That is, one inductance lends itself to a stable arc when welding carbon steels and a different inductance is preferrable when welding stainless steell or nickel alloys.
Most welders have little appreciation for the mechanics of how the welding power supply functions. They learned to weld using SMAW where the variable "set" at the machine is current and voltage is controlled by controling the arc length. They use the same thought used for setting a constant current machine to set the parameters of a constant potential power supply. Imagine setting up for SMAW using arc voltage instead of current. That is essential what many welders are doing when they try to set up for GMAW or FCAW using current.
You set the current when using a constant current power supply, i.e., SMAW. You would be better served to set arc voltage and wire feed speed when setting up a constant voltage power supply. The current is a function of electrode extension once arc voltage and WFS is set.
The fact that WFS isn't listed on the WPS is a serious oversight by the individual writting the WPS. If you review the essential varibles listed in D1.1, you will note that WFS is an essential varible for semi-automatic welding processes, i.e., FCAW and GMAW. The WPS is required to address all essential variables when qualified in accordance with clause 4 and WFS is required to be addressed in a prequalified procedures per clause 3.6 (D1.1-2006 and 2008).
Best regards - Al