I am 100% certain that the concepts of maximum operating depth and equivalent air depths were somehow covered in your nitrox class. In fact, those are basically the main concepts for the class. Best mix, seems to me I remember that one from the class, but I could see where a bare-bones class might not cover it...it's not so much a safety issue like the other two are.
Anyhow, the example you gave about different mixes for different depths is pretty much the idea, if you have a specific depth you want to go to, and you have access to whatever percentage O2 nitrox you want, you can calculate the maximum safe O2 content for the dive and use it.
In reality, with recreational diving and nitrox, more often you get a blend that's available and stick to the MOD for that blend. 32% is a pretty versatile common blend because it's MOD (based on 1.6) is basically the same as a commonly accepted depth limit for recreational diving. I suspect that had something to do with 32% becoming a typical pre-mix. Now that 1.4 is a more commonly used PO2 for calculating MOD, I wonder if that will change.