Yes, the "discrimination" knob/function on the Infinium appears to be adjusting the pulse delay. (Where pulse delay is defined as the time measured between the time when the transmitted pulse stops and the pulse receiver is turned on.) Although I haven't been able to get anyone from Garrett to acknowledge that is what the discrimination knob is doing, that is how Charles Garrett describes that function in figure 16-2 on page 187 in his book, "The Advanced Handbook on Modern Metal Detectors, First Edition." And functionally, that is exactly what it appears to be doing. As you rotate the knob in a clockwise direction it starts to eliminate lower conductivity items, exactly as changing/increasing a pulse delay would do. First salt is eliminated (as noted above), then foil, nickel, pull-tabs...
Garrett recommends that you do not go past the "3", and I believe that is because the machine was primarily designed as a gold prospecting machine, and small pieces of gold respond as low conductivity metals and fall in the same conductivity range as salt, foil, nickel and pull-tabs.
I have never scanned a hair pin, but I have found plenty of nails. And they all respond as "low-high" sounds, which means they are considered highly conductive on the Infinium (PI) conductivity scale (different from the VLF conductivity scale). And the "reverse discrimination" function - which is rotating the discrimination knob all the way clockwise - eliminates pretty much everything except extremely PI conductive objects like iron, large silver objects/coins and large, pure gold. So unless the nail was very small and thin, I don't think you could ever discriminate one out.