Actually, there is no Optimal setting for stove temp that I have heard off..
the trick is that as long as you are at a good feed rate , the heat will flow steady. no high flame/ low flame/no flame. therefore the stove, even if you have it on feed rate #5, it will only cycle the auger maybe 20-30 seconds to keep that steady flow going.. that uses less pellets in the long run but as always, mileage will vary.
And it depends on the your biofuel too. Burning 80+% corn, my feed rate is only 1.5 unless I want to set the stove temp fairly high. My stove temp setting is typically 2 to 2.5 in this weather, and under 2 if the day is over 30F. I have taken the stove temp up to 3 - 3.5 for the really cold days when I didn't want to use my furnace as auxiliary heat, and the feed rate has to bump to about 2 for that setting.