You'll only get the correct setting by playing around with it. I have 2 flojets on 2 varistreams and 2 100m reels and both varistreams have slightly different settings.
The cycling should be very easy to stop, just up the letter on the second setting, but the delay in pressure might be a problem you have to put up with. The pump will only run when it has detected a drop in pressure, it checks the pressure every so often not all the time like a pressure switch. When I do the first window on a place I normally just turn the tap on and then off quickly 10 seconds before the first window, gives the vari a chane to wake up so to speak.
Word of warning, don't turn the second setting too high (both buttons for 3 seconds). You don't use a pressure switch so the vari will pump the pump up to very high pressures. A friend of mine blew his microbore as he had his vari's blue dial too high, went back to his van to see a 12 ft fountain of very pure water coming from his hose.
Hope you get on with your new tool Simon.