Digital BW, The Print

I'm using an Epson 3000, Lysonic E color ink set with Cone Profile.

Two questions come to mind...

I'm setting all the software as recommended but have recently left 
the printer button (on the printer itself) on "other/media selection 
off"

Does this button on the printer itself influence the print quality?  
I will try a couple settings in the next few days but wanted to ask.

Second question...please chime in on the best print quality achieved 
with a printer's setting if it is other than RGB printing with a 
profile...for example someone doing 'duotone' setting within 
Photoshop?

At this point I am going to continue to use my color.  Waiting for 
the print exchange at least before I trot out and buy something.  
More likely to wait for the second generation Espon C80, I hesistate 
to buy anything with all the inks wrapped up in a single container.

Rookie questions.  Willing to read if there is a printers book 
equivalent of the scanning books put out over the last few years.

Cleavis.