It has been about my experience that once you have a value above 200 ohms or so, there is not that much difference; at that point, you are not applying much loading. That is why some phono stages, like the Linn Linto, had fixed loading at some almost universally acceptable value of something like 125 or 150 ohms.
If you want to adjust tonal quality, such as increasing the apparent bass response, you can go with more loading (to decrease the treble response) by selecting a LOWER value, but, this comes at the expense of lower gain and a more muffled sound. If I need a "fix" for something like excess sibilance and shrill top end, I tend to look more at altering VTA/SRA than changing loading.
If you want to adjust tonal quality, such as increasing the apparent bass response, you can go with more loading (to decrease the treble response) by selecting a LOWER value, but, this comes at the expense of lower gain and a more muffled sound. If I need a "fix" for something like excess sibilance and shrill top end, I tend to look more at altering VTA/SRA than changing loading.