I don't think it can be emphasized enough (and it has, by you here and by others in a number of posts above) that there is no universally agreed-upon relation between "conservatism" (that is, risk) and the pair of gradient factors, GF_Lo and GF_Hi.You can. Some do. Personal choice and need.
Baker could have had just one GF that applied to the entire depth range. He provided two so you could adjust the "conservatism" as you call it, to be different at depth than near the surface.
The additional one, GF_Lo, was added because some people believed that stopping earlier in the ascent decreased risk. But there was still no general agreement on how early in the ascent, and different people would set their GF_Lo to different values to reflect their different beliefs. The reason there are two GF values is to allow for this adjustability or customization. Nowadays, more people believe that stopping earlier in the ascent may actually increase risk. But people may still set their GF_Lo to different values to reflect their differing beliefs about its effect on risk.