This is a huge upgrade from that BH, this is a much more powerful tool and you will find learning to take advantage of the settings can make you very successful.
As far as settings the factory start up ones are set that way for a reason...good for overall hunting in normal sites in most normal soils although they do seem to lean q little bit more toward the relic hunters as his machine was designed to do that well.
Where these things shine is the ability to change the tones and the other settings to suit the environment we hunt in, and there are so many situations where a change in those settings can really help.
Plus, we are all different and so many owners of units built on this platform might use totally different settings that are comfortable for them and yet we all seem successful.
Ultimately you will find what works the best for you, how to make it the most fun, comfortable and productive in the soil and sites you hunt.
If you do a Google search with the words T2, settings there will be info popping up with setting advice from all over the net.
Do a search here in the Technetics forum and all dates using those same terms and many pages of posts will pop up.
Here are just a couple...
http://www.findmall.com/read.php?58,2369814,2370184#msg-2370184
http://www.findmall.com/read.php?58,2379456,page=1
You will see many do it differently, especially regarding the tone choices available.
For hunting parks for coins one of the multi tone options seems popular.
For hunting in heavy iron one of those links above gets into that with disc set at a certain level and using one tone, monotone.
2 tones works for many as does DP tones for others and then there is all metal too...I have used all versions of these choices on my F70, a close cousin to your T2, and learned to utilize them all depending on site conditions...plus I have played around with all the other settings too like the mad scientist that I am.
I don't have just one set of favorite combinations, I have many, and I practiced with and got pretty good at using them all because I feel the more you know, understand and have at your disposal the better.
More arrows in the quiver, while one set up might work another might make it even easier for me to be more successful in more places, sites and areas.
It turns out most settings work pretty darn well even factory ones, learn to tweak them a bit for specific challenging situations and watch your jaw drop low and often.
I am sure a few owners will be by to share their favorite settings with you later today, and don't forget the search feature because this same subject has been brought up for years here in this forum and many other places and a lot of great advice has been posted and passed down.
Take it all in, try a few different things and it shouldn't take long to find out which set up combinations will end up to be your favorites.