Ferrous and open screen works very well in high iron. I use smart sceen and keep everything open except for bottle caps, which blacks out the lower right corner, as Tony N. mentioned. This keeps you from getting a complete wood everytime you go over a bottle cap.
And yes, now many mid conductivity item can sound like coins. This is a good thing for Nickels, bad for most else. The only way to tell the difference is to look at the screen.
If you are hunting in an area with many many mid range junk targets it might not be the way to go. About the only time I use any discrimination is at parks that are loaded up with pull tabs, then I black out the entire bottom of the screen.
But... for most older sites iron will be your biggest enemy and open screen and ferrous work wonders here. Much of the time it will be worth digging mid range targets if they have any depth to them; all sorts for wonderful things can show up.
Chris