Is it ok to give a chili plant 24/7 sunlight while still in the vegetative state? Would running a low powered grow light all day be just as effective as running a high power light normally?

Well, to my experience, actually even less works better than continous light. Little rest between the "days" helps them grow better. Let's say something like 12 to 18 hours of light a day works perfectly.

Hope it helps!

I have noticed with my very first chiliplant, that around 12 hours of light period my plant will lower some of its top leaves, as if it would like to "get some sleep". At this point I have usually switched off the light source. Next morning around 0600 most of the top leaves are in upward position "waiting" for light and will settle gradually on horizontal plane once light is on again.

Now thats somewhat similar how normal flowers turn on sunlight, but didnt expect chili to be so direct when it wants light and when not ;D

15hrs lights-on, 9hrs lights-off works for me.
I have noticed that most of the grow happens in night-time, almost every morning i have to lift the lamps higher :)