I personally would just dig everything, icluding the iron. As many people have stated even iron is treasure. I would also get a 6 foot metal rod to probe for bottles, pottery, and other stuff of that sort. Do you mean Sensitivity or Discrimination?
I would not discriminate out anything.
I always hunt with my sensitivity on 3 on a scale of 1-8. 8 being the highest. With the soil around here I get a lot of false signals around here when i turn it up beyond that.
I think that 4 wheats in 4 hours is pretty good. You are going to have to dig a crap load of trash for jewelry. Seems that rings show up as pulltabs for some strange reason. I have also noticed that really really deep (8+ inches) silver sometimes hits as iron on my detector.
Hope this helps...and post some pics of yer finds.
Eric