Malcarjeb,
The saying "lights up, sights up" isn't a benchrest saying; it's from Highpower competition, and applies more specifically to Service Rifles, since they use a post front sight. The phenomenon that brings this about is actually an optical illusion, and not related to ballistics per se. In this type of shooting, most competitors use a six o'clock hold on the target, resting the bottom of the bull on the top of the front post. In periods of brighter sunlight, the target appears larger to the eye, and that same hold is now actually slightly lower on target; you're holding lower than you did in darker conditions with the same sight picture. As a result, when the light goes up, the shooter generally needs to take a click or two up, to wind up with the same POI on target. When the light goes down (gets darker), you need to take a click or two dow, for exactly the same reason in the other direction. Strictly an optical illusion, but it does effect your point of impact. This isn't a problem with the aperature front sights used on most Match Rifles, or scoped rifles.
There is no specific number of clicks to account for these light changes, and not all shooters are affected to the same degree. Some see no change at all, others need to pay very close attention to it. All a matter of personal visual accuity, I'd guess.
Just wanted to clear this up, hope it helps.