1. That's what I thought back then. I took a closer look in Canon code - it appears to set all 3 of them, and from GUI_SetImgComposition, the first property seems to be for drive A (CF), second for drive B (SD), and third for drive C (WFT maybe).
2. If you change the setting in Canon menu, and it's not remembered at reboot, it's probably safe. I can try some invalid values in C mode on 5D3 in the coming days (most likely in weekend), or try it yourself on 60D first (I unbricked tens of those with this error).