Think of a null as silenced audio. Instead of making a tone, it makes no sound. If you come across a coin next to it, it'll then make a tone. If there's a lot of iron and you have iron set up to null for iron, you'll get a lot of "blank" tone (ie. threashold tone gone). When I hit a lot of iron, I'll first really slow down both side to side and in moving forward, often only moving an inch or so forward with each swing. If I hit a tone I'm looking for, I'll rotate the coil a couple of degrees one direction, then the other to see if I can locate it a little better.
Then I try choppadude's recomendation with quick mask. My quick mask is still set up as the default settings (ie completelly open). If it's not so deep (say under six inches), I'll rely a little more on the VDI number, moving around to see if I get a tone in the "good" range between all the iron numbers. If it's deeper than 6" I usually just dig it if it sounds decent.
If I get into an area where there's a lot of iron (probably where I'm in null about 80% of the time after slowing down and moving forward in very small increments), I'll switch into two tone ferrous.