Dip Switch settings for Ortofon 2M Black

I just received the new Pro-Ject Phono Box Ultra 500.  I am using an Ortofon 2M Black cart.  Does anyone know the most desirable dip switch settings ?  Here are Cart specs;

Cartridge Technical specifications:

Frequency range - 20-31.000 Hz
Frequency response - 20-20.000 Hz + 2 / - 0 dB
Tracking ability at 315Hz at recommended tracking force *) - 80 µm
Compliance, dynamic, lateral - 22 µm/mN
Stylus type - Nude Shibata
Stylus tip radius - r/R 6/50 µm
Tracking force range - 1.4-1.7 g (14-17 mN)
Tracking force, recommended - 1.5 g (15 mN)
Tracking angle - 20°

..and here is the dip switch configuration;

1- 220pf

2- 100pf

3- 1kOhm

4- 100kOhm

5- 10 Ohm

6- +3 db 

7- MM 40db

8- MC 60db

Currently, I have 7 (MM) on and everything else in the off setting.

Is that ideal for these specs?  Help..

Thx very much

Use your ears but I'd start by switching on the 220pF and MM (to give you 40dB gain).  Add the 3dB gain only if needed to get to desired volume.  With MM carts there really isn't much adjustment since it should default to 47K ohm loading.
I would turn on switch 2 instead of 1 unless you have extra long interconnect cables, then use 2 instead.
I really appreciate the help.  I contacted Ortofon and got a really detailed and quick response that I didn't understand.  This, on the other hand, helped a lot!  So,  from what I'm understanding here from the two of you, switching MM (switch 7) to on was correct.  Now add switch 2 to On, since I have short interconnects (or possibly switch 1 for longer wires...).  So, switch 2 and 7 on and everything else in the current off position?  Thanks a ton folks.
When you call for tech support and don't understand what they're talking about, tell them!!! Their job is to help you, not confuse you. Don't be shy about saying "I don't understand".
As a follow up, I kindly asked the Ortofon rep to simplify her detailed response and give me the switch settings.  She replied with the same settings as both of you BUT added switch 3 as well?  Do you agree?
Many thanks
Thank you so much three_easy_payments.  I appreciate the help.  Pretty funny when a rep from Ortofon doesn't have the right info... 
My guess is that turning switch 3 on while in MM mode wouldn't have affected sound anyway, as the MM loading would have overruled the MC setting.
It just seems weird that the MC loading switches would even work while in MM mode, but who knows?