Jason,
This all will take time and patience to get used to this detector as most will tell you. Depth will come from experience with the Sovereign and speed will kill the depth if you go too fast. Most people will will run no or very little disc and let you hear everything and use the tones and the meter to do the IDing of your target as the Sovereign gives you lot of info and let you decide on what to dig and what not too.If you have the meter on it it will depend on which one you have as to what to set the number at when you calibrate it. There is the 550 stock Minelab Digital meter and some that are rescaled to 180 numbers and a couple after market 180 meters. Either one are good and I like the 180 meter myself. I check mine with a quarter on the ground and while swinging the coil over the quarter and only the quarter I try to make the numbers go as high as I can and set the meter to read 179-180 and nothing higher.
Now you run in disc as this is where you will get tone ID and the meter will read the ID as it will not in all metal pinpoint. The disc is set very little if any so you can hear everything but iron as the Sovereigns hate iron as you will see with the nulling or signals breaking up and not repeatable. Notch many don't use, but you can notch out some targets that is set higher than what the disc is set at, but like the disc you can not notch out the new zinc pennies on up. I set the sensitivity at around the 10-11 o'clock position, but being you are new you may want to start out in the auto to help keep a smoother threshold and help you learn the tones. If you are a coin hunter the tones with the meter reading you should dig very little trash and mostly coins, now if you hunt relic or beach you will want to dig all repeatable signals. Threshold with the coil in the air set for a slight hum and you are ready to go.
Swing the coil slow and listen to the tones it makes and try to just swing the coil over just that target when tyring to ID and use the meter to help ID as it will show you what your ears are hearing so some of the close tones your ears cant tell the meter will. Like I say I use a 180 meter so my copper pennies made before 1982, my dimes, quarters and half dollars will read 179-180 while my zinc pennies and most IH pennies and even the first early Wheaties will read 176-177 and many of my screw caps off older pop bottles and wine bottles will read 177-178 and they all sound the same so this is why the meter can help on the close tone ones.. My nickles will read 144-145 other than the war nickles as they can read up to 151, but still have a nickle tone to them. The difference between them and a pull tabs that reads the same numbers is the nickle sounds so much smoother tone.
Now from experience you will get to know the tones and swing the coil right over most junk and you will ignore most of it, but when you hear the right tones you will stop and check out the target. Even running with no disc I check out less targets than I do with other detectors that has notch and higher disc.
Deep one will come from experience and slow working of the coil as you have to go slow for the detector to see these deep targets over 8 inches deep in most cases and the signals are smaller then normal too so if you are going too fast you will not hear them. I use this a lot when I am in a old area that has been hit hard over the years as most of the new stuff is gone so I don't have to listen to all the loud hits and can concentrate on the weak and deeper signals. As they get deeper the signals is smaller and weaker too and with these Sovereigns I find that you may just hear a slight change of tone letting you know it has seen a target, now you have to swing back and forth over just that target to try to get the number to read as high as you can and try to get a 179-180 number, but in some case it is so deep it can not ID correctly. The tones and meter reading will be trying, but just can make it or will only for a split second, these are the one I like if when you go to pinpoint they are weak there too.
It all take time and some patience, but it seems like a person learns more each time you use it.
Rick