Related: in the more general case of typical access patterns with some but limited spatial locality, larger lines help up to a point. These "Memory Hierarchy: Set-Associative Cache" (powerpoint) slides by Hong Jiang and/or Yifeng Zhu (U. Maine) have a graph of AMAT (Average Memory Access Time) vs. block size showing a curve, and also breaking it down into miss penalty vs. miss rate (for a simple model I think, for a simple in-order CPU that sucks at hiding memory latency. e.g. maybe not even pipelining multiple independent misses. (miss under miss))
There is a lot of good stuff in those slides, including a compiler-optimization section that mentions loop interchange (to fix nested loops with column-major vs. row-major order), and even cache-blocking for more reuse. A lot of stuff on the Internet is crap, but I looked through these slides and they have some solid info on how caches are designed and what the tradeoffs are. The performance-analysis stuff is only really accurate for simple CPUs, not like modern out-of-order CPUs that can overlap some computation with cache-miss latency so more shorter misses is different from fewer longer misses.
Specific answer to this question:
So the only workload you care about is a linear traversal of your elements? That makes cache line size nearly irrelevant for performance, assuming good hardware prefetching. (So larger lines mean less HW complexity and power usage for the same performance.)
With software prefetch, larger lines mean less prefetch overhead (although depending on the CPU design, that may not hurt performance if you still max out memory bandwidth.)
Without any prefetching, a larger line/block size would mean more hits following every demand-miss. A single traversal of an array has perfect spatial locality and no temporal locality. (Actually not quite perfect spatial locality at the start/end, if the array isn't aligned to the start of a cache line, and/or ends in the middle of a line.)
If a miss has to wait until the entire line is present in cache before the load that caused the miss can be satisfied, this slightly reduces the advantage of larger blocks. (But most of the latency of a cache miss is in the signalling and request overhead, not in waiting for the burst transfer to complete after it's already started.)
A larger block size means fewer requests in flight with the same bandwidth and latency, and limited concurrency is a real limiting factor in memory bandwidth in real CPUs. (See the latency-bound platforms part of this answer about x86 memory bandwidth: many-core Xeons with higher latency to L3 cache have lower single-threaded bandwidth than a dual or quad-core of the same clock speed. Each core only has 10 line-fill buffers to track outstanding L1 misses, and bandwidth = concurrency / latency.)
If your cache-miss handling has an early restart design, even that bit of extra latency can be avoided. (That's very common, but Paul says theoretically possible to not have it in a CPU design). The load that caused the miss gets its data as soon as it arrives. The rest of the cache line fill happens "in the background", and hopefully later loads can also be satisfied from the partially-received cache line.
Critical word first is a related feature, where the needed word is sent first (for use with early restart), and the burst transfer then wraps around to transfer the earlier words of the block. In this case, the critical word will always be the first word, so no special hardware support is needed beyond early restart. (The U. Maine slides I linked above mention early restart / critical word first and point out that it decreases the miss penalty for large cache lines.)
An out-of-order execution CPU (or software pipelining on an in-order CPU) could give you the equivalent of HW prefetch by having multiple demand-misses outstanding at once. If the CPU "sees" the loads to another cache line while a miss to the current cache line is still outstanding, the demand-misses can be pipelined, again hiding some of the difference between larger or smaller lines.
If lines are too small, you'll run into a limit on how many outstanding misses for different lines your L1D can track. With larger lines or smaller out-of-order windows, you might have some "slack" when there's no outstanding request for the next cache line, so you're not maxing out the bandwidth. And you pay for it with bubbles in the pipeline when you get to the end of a cache line and the start of the next line hasn't arrived yet, because it started too late (while ALU execution units were using data from too close to the end of the current cache line.)
Related: these slides don't say much about the tradeoff of larger vs. smaller lines, but look pretty good.
