Hey Joe,
I hunt for CW relics here in Va and I have been trying different things to pick out the good stuff from the trash. I have found that if you lower Iron mask to -15 or -16 you can hear a small difference in tones if the good target is very close to trash. It is a subtle difference, but it is there. It can be a little noisy, but it does produce better. I also run ferrus tones with audio1 selected. Audio1 seems to help you hear the changes in tone better. I also run fast recovery. Also lower sens to 20-24 and go very slow. I am no professional yet..; ) but I hope this helps you.
Paul