The emerson effect found by emerson in 1957 was about the discovery of distinct photosystems and not with an enhancement to photosynthesis. Although photosynthesis increases, this is only with respect to the parameters with which he was comparing them too. And is not at all applicable to typical conditions. He was merely able to identify there were multiple photosystems which co-operate together as shown by the increased quantum yield when used together compared to on their own.
Photosystem I (P700) which exhibits this enhancement effect is very inefficient. The system absorbs wavelengths between 680-730. Which at 710nm, quantum efficiency is typically around 10% of that of light used by photosystem II (P680) at 680nm. And at 720nm around 1% efficiency. This decrease in efficiency is called the red drop effect, which was also discovered by emerson. So even if there were such an enhancement. This alone would prevent any realistic benefit.
You may be thinking, if photosystem I is so poorly utilized. Why is it even used by plants ?. Well it is... Just not directly through these wavelengths. PSI and PSII work together using light of 680nm or greater. Through the Z scheme, the energy from light is passed through electron transport systems between photosystems where they work together to produce the final product of photosynthesis.
For those that are interested. Plants use energy from light, to power the light dependant reactions. During the light dependant reactions, water molecules (h20) are split, producing electrons, hydrogen ions and oxygen (o2) as a byproduct. Electrons and hydrogen ions are used to manufacture intermediates, ATP and NADPH. The intermediates from the light dependant reactions are used to power the chemical stages of the light independant reactions. Or commonly called the calvin cycle. ATP and NADPH power the carbon fixation (Co2) to create the ultimate product of photosynthesis, carbohydrates.
Now the other end of the far red sword is with its use as supplimental lighting. But there are issues with why and how they are used. As i had previously mentioned, the use of far red light above 680nm, is highly inefficient. Due to the red drop effect. So its use for photosynthesis and yield increase is pointless. There is however a benefit of using far red light (730nm and higher) for phytochrome manipulation where PFR proteins are converted to PR more quickly. What this does is allow cultivators to be able to use less dark cycle and more light cycle compared to traditional cycles, without affecting the photoperiodic effect. Meaning instead of having to use 12/12, one can use 13.5/10.5 or even as much as 14/10. With the same flowering effect as 12/12. Allowing more light amd potential yield. But whats important to understand is that, in order to benefit from this accelerated phytochrome conversion. The far red lighting must be used imediately after the light cycle, while the lights are off. With a duration of about 5 minutes. So it makes no sense to include far red lighting as part of the main light source during the light cycle.