Changing the conservative factor can have a huge effect, depending on computer. With the older Suunto models you'll be down roughly GF High 55 on consecutive dives if you use the second most liberal setting and have surface intervals that are less than 2 hours.
Much easier to just use the lower O2% and then not go deeper than the MOD of the higher O2%. You could set maximum depth alarm to the shallower depth if you need a reminder.
Suunto computers actually do it for you automatically in the past, they calculate your MOD based on the next higher O2% and calculate your NDL based on a lower O2%. If you are diving 32%, for example, using the next conservatism factor isn't take away much from your dive since you are using NITROX anyways.
I'd do it with Next O2% and next conservatism factor no problem for me BUT in reality it is insignificant. I haven't had to face this issue since my O2 analyzer has more significant figures as so does my DC.