After more research I've learned the answer to my question:
Foam Fade is the duration for how long foam lasts after it is created. The higher the value the more the foam builds up, so to speak. So a higher value essentially means more foam.
You cannot preview the Foam Fade because the data is only created in the bake.
One more thing to note, and I didn't realize this before, is that the Ocean modifier is best used as a displacement map in a texture. The goal is to set up an ocean how you like it and then bake it, and use the image sequence from the bake as a displacement map for a separate plane object. You can also add the foam to this texture and blend the two image maps together to create your ocean texture. I would add some noise as well to the bump/normals to add more detail.