There really aren't any "set rules" for selecting your audio preferences for the E-TRAC. How you operate yours will depend on what the TID numbers are for the majority of targets you will be searching for, how many tones you want to decipher, whether you want to hear the audio report of the ferrous values or the conductive values, and what the majority of "non keeper" targets will be in the site you are hunting. All are personal choices.
If you are hunting a site with lots of iron, as you indicate you might, hunting in the ferrous mode with only two tones will simplify the hunt by providing either a a high tone for targets with a ferrous value of 17 or less. Or a low tone on targets with a ferrous value greater than 17. If the "keeper" targets you are searching for in your site have a ferrous TID value of 17 or less, then 2-tone ferrous might be a good starting point. I hunt for old coins at old sites. And here in the US, the vast majority of our coins have a ferrous value of 17 or less. Your targets may vary, so build your selections accordingly.
When I am using 2-tone ferrous, I always use an open screen. (zero discrimination) If I get tired of digging all the targets that provide a high tone, and I feel the need to reject a portion of them, I do NOT change the discrimination settings. Instead, I will identify what the conductive values are for the trash targets that I no longer want to dig. Then it is simply a matter of ignoring the low tones, checking the conductive TID for the high tone targets and concentrate on digging those that have proven to provide an acceptible conductive TID. The reason I say to not change the discrimination settings is due to what many refer to as nulling. Nulling (target blanking) will occur when the audio resonse is programmed to silence the Threshold instead of sending the user an audio tone. This can only happen when you pass the coil over a target with a value (ferrous and conductive) that has been discriminated out. I know some report hearing a nulling of the Threshold while using the conductive mode. But in my opinion, if they opened the screen up like they do in 2-tone ferrous (zero discrimination), they'd find that there is no nulling (target blanking). With zero discrimination, they are simply listening for the audio response of the opposite metallic value. (conductive versus ferrous) JMHO HH Randy