It really depends on your application, Jim. For photographers, I would always suggest setting 1 and use the alert purely as that - an alert that something might not be quite right and do a manual check. If the nozzle check looks fine, then you won't see any problems with your images. Feel free to check it under a loupe, too (you could even print one when there's no warning to keep as a reference).
It's a bit like pixel peeping, I guess. A 2.95 picolitre drop is unlikely to make any visible difference in the real world compared to a perfect 3.0 picolitre drop, but the system may detect it as a problem. Of course, you don't want to see that message constantly, but if you do see it, try a nozzle check and if you're happy then print away.