Well this is interesting. So you can essentially "overclock" the ASIC?
I'd be curious to see if lowering the clock speed reduces heat or power use by an appreciable amount.
It's not in the format or at the granularity you might have in mind. There are 36 VPD files in the 3.16.0.1 driver release (./ChelsioUwire-3.16.0.1/tools/chelsio_adapter_config_v4/vpds/), each one used to tweak things like the ASIC core clock speed, memory speed, product identifier, supported media, number of ports, etc. The true intent of the VPD files and the adapter config utility is to configure ports for breakout cables and to recover broken cards. I will include the full list below so you can see what I am talking about.
So with your scenario of lowering the clock speed, you might be able to do it like this:
You bought a T520-LL-CR (low-latency) card that ships, by default, with the following VPD flashed: t520_ll_init_gen3_650_1075_variable_2133_vpd.bin
In concept, you should be able to flash this VPD to lower the ASIC core speed from 650MHz to 250MHz:
t520_cr_init_gen3_250_825_fixed_2133_vpd.bin
However, I can't think of a reason why anyone would ever want to do that
The low-latency parts were marketed to high-frequency traders (HFTs), who are notorious for paying a big premium for exotic silicon (see Intel "Black Ops" and Everest processors). If an eBay seller knows what they are doing, the "LL" part will be priced higher - you would not want to convert your pricey low-latency card to the stock version.
It might be a fun science fair project to reverse engineer the format of the VPD files so you actually can set arbitrary clock speeds
Datawise_t540_cr_init_gen3_500_825_t540_xfi_vpd.bin
Datawise_t540_xfi_gen3_500_825_124vf.bin
diamanti_t6240_so_init_800_1050_gen3_x8_248vf.bin
diamanti_t6240_so_init_800_1050_gen3_x8_variable_2x40gxlaui_vpd.bin
t520_bt_init_gen3_250_820_fixed_2133_vpd.bin
t520_cr_init_gen3_250_825_fixed_2133_vpd.bin
t520_ll_init_gen3_650_1075_variable_2133_vpd.bin
t520_ocp_init_gen3_250_825_vpd.bin
t520_so_init_gen3_250_825_fixed_vpd.bin
t540_bt_init_gen3_500_820_variable_2133_vpd.bin
t540_cr_init_gen3_500_825_variable_2133_vpd_2mc.bin
t580_cr_init_gen3_500Mhz_variable_2133_vpd.bin
t580_cr_qsa_variable_2133_vpd.bin
t580_cr_spider_variable_2133_vpd.bin
t580_lp_cr_init_gen3_500Mhz_variable_2133_vpd.bin
t580_lp_cr_qsa_variable_2133_vpd.bin
t580_lp_cr_spider_variable_2133_vpd.bin
t580_lp_so_init_gen3_500Mhz_variable_vpd.bin
t580_lp_so_qsa_variable_vpd.bin
t580_ocp_so_4x10g_vpd.bin
t580_ocp_so_init_gen3_500Mhz_2x40g_vpd.bin
t580_so_spider_variable_2133_vpd.bin
t61100_ocp_so_cr_init_800_950_gen3_x16_variable_15625_1x100g_vpd_mfg.bin
t62100_cr_init_800_1050_gen3_x16_variable_2133_15625_2x100g_vpd_mfg.bin
t62100_lp_cr_init_800_1050_gen3_x16_variable_2133_15625_2x100g_vpd_mfg.bin
t62100_so_cr_init_800_1050_gen3_x16_variable_15625_2x100g_vpd_mfg.bin
t62100_spider_cr_variable_2133_15625_2x100g_vpd.bin
t62100_spider_lp_cr_variable_2133_15625_2x100g_vpd.bin
t62100_spider_so_cr_variable_15625_2x100g_vpd.bin
t6225_cr_init_500_950_gen3_x8_variable_2133_15625_2x25g_vpd_mfg.bin
t6225_ll_cr_init_800_1050_gen3_x8_variable_2133_15625_2x25g_vpd_mfg.bin
t6225_ocp_so_cr_init_500_950_gen3_x8_248vf_mfg.bin
t6225_ocp_so_cr_init_500_950_gen3_x8_variable_15625_2x25g_vpd_mfg.bin
t6225_so_cr_init_500_950_gen3_x8_248vf_mfg.bin
t6225_so_cr_init_500_950_gen3_x8_variable_15625_2x25g_vpd_mfg.bin
t6425_cr_init_250_950_gen3_x4_variable_2133_15625_2x25g_vpd_mfg.bin