If you select the 4 ohm tap, you will be selecting a higher turn ratio for the output transformer of the amp. This should tighten up the bass and reduce frequency response variations caused by the amp’s interaction with the varying impedance of the speaker. But, there is a cost to using this tap instead of the 8 ohm tap, which is the amount of power that can be delivered to the speaker is lower. Generally speaking, the best tradeoff would be to use the 8 ohm tap for speakers rated at 8 ohms and the 4 ohm tap with 4 ohm speakers. However, the ratings are somewhat loose, so it doesn’t hurt to try the ‘wrong” tap.
A lot of people prefer triode operation over ultralinear for sound quality (smoother, less brittle sound), but the cost is lower output. I have only heard a few amps where such a switch can be made for a direct comparison and I don’t recall liking triode operation that much more than ultralinear. Again, give both a try.