DD set on mono - I know a lot of folk, recommend this and then there are folk who don't. Same same as running the mono as a DD. Turns them into pseudo coils.
Me? I run the DD in DD. and mono in mono. The DD in DD will quiten things down as you are telling the 4500 to run a DD because the ground is noisy. The NF gives a sharper response in my opinion and is a great mono. The SETA programming is designed to do many things and make the monos run on noisy ground is one of them. Yes, they will wheeze and grunt a bit but if you ever ran a mono on an old PI series (2100 - 2200 etc) that was very noisy and DD was the standard. My opinion is based on advice from a long-term full time prospector who runs the DD in DD - mono in mono. He thinks the advantages are minimal but as always, it is advised to do some test pieces on the ground you are detecting in. For example, a series of different sizes of lead and perhaps aluminium and then play with your settings to guage depth, response, ground noise etc. I have a little test pit area set up and they take about 1/2 hour to do so. Drill sideways into a bank and place them in there and detect from above. It becomes an intuative thing for some people who do switch the Rx around ( for example to make the mono quiet on a noisy horrible bit of ground -swicth to DD. To make the DD quieter on a bad EMI day - swicth it to cancel BUT NEVER THE MONO!! - you will be lucky to find your pick!) There is a host of technical explanations, ie DD in mono turns it into a mono with one side of the coil responding blah blah blah blah blah. Another technical example I have heard of is that a mono in mono reduces ever so slightly the sensitivity. (Oh really? so does actually playing with the settings.)
As for settings, I think the key ones are the target volume, stabilizer and gain. I run in slow (unless noisy then very slow), audio in boost unless very noisy day. When I started out with the 4500, I started the 4500 really dumbed down and then did my tests from there and worked it up. (VLFs are opposite - run flat out then dumb down to shut them up)
In summary - there are 1,000s of opinions on the 4500/5000 settings and each has its merits. Same as the old fixed/tracking - iron reject on/off debates. I would simply start with the presets and work around those. remember, the ground can change quickly so that can account for noises. As I said, it becomes intuative eventually.
Talbot Amherst is noisy ground and deep in places down in the gullies - so watch out for that as well. For example - Kangaroo Gully. (stick to the sides around there)
(PS mate - opinions are like axxholes - everyone has got one especially when it comes to gold and detecting. )