When caps are put in series with the circuit the total capacitance drops just like resistance drops when resistors are put in parallel. You can use ohms law to determine what value of capacitance u need to put in series with the phono leads. I have never tried this yet, but it sounds believable according to theory. But in audio theory is not always right!
Don't put a capacitor in series! A low value capacitor (e.g., tens or hundreds of pf's) will have an extremely high impedance at low and mid audio frequencies and will essentially kill the signal that is seen by the phono stage. A high value capacitor in series will not reduce total capacitance significantly, and will degrade the signal due to non-ideal behavior.
The statement about how the values of capacitors in series combine is correct in itself, but is being misapplied.
Concerning the relevance of load capacitance to low output moving coil cartridges, the response of the cartridge itself within the audible spectrum will be pretty much insensitive to load capacitance. However, greater load capacitance will increase the amplitude and lower the frequency of an ultrasonic resonant peak, which may result in phono stage distortion products that fall within the audible spectrum. See the excellent post by preamp and cartridge designer Jonathan Carr (JCarr) dated 8/14/10 in this thread:
http://forum.audiogon.com/cgi-bin/fr.pl?eanlg&1281468389&openflup&18&4#18In this case, the presence of the SUT complicates the issue somewhat. While the SUT may reduce interaction between phono stage input capacitance and the cartridge to some degree, it will introduce the possibility of interaction between that capacitance and the transformer itself, most likely with adverse consequences if any.
So the bottom line, as others have said, is that best results are most likely to occur with the capacitance setting at its minimum position.
Regards,
-- Al