First, a terminology clarification: by LFE we mean LFE plus bass frequencies, not just the Dolby LFE information.
For a bass management setting of LFE+mains with M60s or larger, isn't there a potential problem with "bass doubling?" IOW from 60 to about 200Hz you have both M60s and sub producing bass. OTOH if you calibrated at the LFE+mains setting, shouldn't it be OK? That assumes the sub calibration tones honored the LFE+mains setting, and didn't just drive the sub alone.
My Yamaha RX-V1400 can switch instantly between LFE, mains, and LFE+mains while playing music. I've done this many times. It's very subjective -- sometimes it sounds better one way, and sometimes another.
I usually leave it on LFE, since my SACD player (which bypasses receiver bass management) only does LFE, not LFE+mains, and I didn't want different setups for different material.
