Quick Mask gives the user a one touch option to temporarily remove any discrimination pattern set. Think of it like the detector has 2 memories. So instead of having to change the selected discrimination pattern the user can push the QM button and the detector defaults to an all metal discrimination, like it is using a second memory. The selected discrimination pattern is still active in the first memory so when you are done using QM one can just press the button again and it reverts back to the selected discrimination pattern. As for it's purpose Jason said it all in this one sentence above "Switching into QM with an open pattern will let you see the truth of the target." So if you are detecting and the threshold nulls out, and you want to see and hear the target's values press QM and swing over the target. To get back to your selected discrimination pattern press it again.
That is QM's most basic use. The Etrac is a very customizable detector. QM can also be used to temporarily or permanently modify a selected discrimination pattern (with limited usability) on the fly. Explaining all this will require a lot more typing and that is the purpose of Andy's book. I cannot say enough about that book. He really goes into some nice detail, with stories, situations, and recommendations, on all your questions here and a lot more.
Ok, some on Two Tone Ferrous. Now all this is just reference. What I mean is there is no right or wrong way to use these settings, it is a matter of preference. Using the Multitones settings can, to some people, get confusing in high trash areas. The Etrac allows that to be changed to using 4 tones or just two tones, obviously with the latter being the easiest to use. The user then has the choice to make the sounds ferrous or conductive based. The tricky thing to remember here is that the sounds work in opposition to each other!! With the Conductive setting ferrous targets sound lower pitched and conductive targets sound higher pitched. With a Ferrous setting a more ferrous target will sound LOW pitched and a conductive target will be HIGH pitched.
I hope that helped explain those settings and again that book is a very valuable resource. Just because one has the Etrac do not be eager to skip over the other models information. There is a lot of useful information and knowledge, from the other models and their users, that can very useful.