Ed, you understand just fine, likely better than I do!

(I learned it on the forums, but there's much left to learn for me....)

All I wanted to point out is that sometimes a gun is tuned inefficiently — and therefore could be much louder than necessary for a given power setting (with only a tiny gain).

And to point out that there is a way to make a gun much quieter in general (not just by the obvious route of lowering the power, but by changing how a certain power is achieved, "the tune" of shorter sips of air at higher regulator pressures).
Your tune of 95-97% of the max. power achievable at a certain reg pressure is getting the best of both (or all four) worlds: excellent power, not very loud (for the power achieved), excellent efficiency (power per air used), and excellent constistency of power (only small muzzle velocity variations).

Unless you need a really quiet gun and can't/ don't want to hang an Emperor silencer on it, you're probably best served by that tune.

To make my gun quieter, I increased the reg set point and reduced the hammer spring, giving me shorter sips of air at a higher pressure — at the same power/ muzzle velocity, going lower than the 95% mentioned.
The downside of going lower than the 95% of the max. power for a given reg setting — e.g., going to 90%, 85%, or 80% of max. power — is that small inconsistencies of the hammer striking and the valve opening and closing will have a bigger effect on the air flow, because the opening and closing is so minimal to begin with (short sips of air). And those mechanical inconsistencies in air flow
produce inconsistencies in the power/ MV. —> For shorter ranges with larger kill zones this isn't much of a problem. For target shooting it is....
Matthias