Hi Wyndham,
I haven't hunted the Franconia field but I have hunted the Gold Basin field about 60+ miles away and I believe the meteorites are quite similar. From what I can tell, the majority of the meteorites at Franconia are of the stony variety with a few iron ones thrown in. If I am wrong and the ones at Franconia are of the iron variety, then that is even better, but I don't think this is the case. However, from what I can see of the slices of them on a couple websites, they are Chondrites, which are the stony variety. The interior appears to have more nickel than some I have seen so they just might sound off much louder than other stony varieties.
There is a GS 5 in the area right now and if the owner checks in with me, I will ask the specific question as to how it works since he is hunting both gold and meteorites in the area.
Now, to try to answer your question, I have not used the GS 5 for meteorite hunting, but have used similar units and they work fine even when hunting the stony variety. The trick is to set the ground balance properly. If you ground balance to the ground, then, just like the VLF, some of the Basalt will sound off but will also sound off better on the stony meteorites. Unfortunately, some of the stony variety are quite close to some of the basalt in characteristics, so, if you ground balance to the basalt, the the signal from the meteorites will be weaker. Therefore, it is a matter of choice or what works best for you.
I would try to set the ground balance so the ground generates a slight positive signal initially and try that setting. The Basalt would give off stronger signals but so would the meteorites. I would initially try this technique with either the PI or the VLF and then adjust form there. If there was simply too much Basalt sounding off, I would then adjust for the typical Basalt and deal with the rest.
I suspect it will take some adjustments to find the right setup, so don't be afraid of trying different things.
Personally, I would take the Goldbug also since, in my opinion, the VLF does do a better job of detecting stony varieties. Unfortunately, they also do a better job of detecting basalt also.
As for the basalt, with a little experience, you will be able to quickly tell the difference just by looking. Since stony type come in various chemistries, it is hard to say just what to expect. Even at Gold Basin, there were at least two different types of the stony varieties, the L4 and th L5 found. I know, I found both.
BTW, if you mount a very strong magnet on a wooden stick and quickly check a suspected target, you will be able to quickly separate meteorites from the Basalt. The meteorites will stick, the Basalt will not.
I hope this helps.
Reg