Shure V15 Type III recommended loading: 47 kOhm resistance, 400 to 500 pF capacitance. Assuming the ideal capacitance setting is ~ 450 pF.
Your phono cables are likely to have capacitance of about 60-100 pF on their own. We need to subtract this from the "ideal" capacitance.
According to the manual, the best settings would be: switches 1 & 3 = on, the rest = off