Notching out everything below 0 will not prevent larger iron and steel targets from possibly responding in the mid teens, twenties and thirties. It will just make those targets not give low iron tone responses and negative numbers. The iron bias filter is not perfect and will not be able to eliminate all iron targets, especially larger, deeper of very rusted ones. it does do really well on most shallower steel bottle caps which is what it was originally designed for. Rust, forged iron and steel give many detectors problems.
Your second question......if you have your Vanquish on a preset mode with iron rejected, press the horseshoe button and iron will be accepted and you can hear low tone and see negative number iron responses over iron targets. If you have a custom program or have adjusted a preset mode so some iron is accepted like I have to do in some iron mineralized ground (I reject -9, -8 and -7 and accept everything else) pressing the horseshoe button accepts everything. If you already have accepted the entire -9 to +40 range in your custom program or preset mode, pressing the horseshoe button will not have any effect.