As noted above the Tolerance button adds some subtle random variation that is supposed to emulate the subtle component differences differences between channels on a desk. Rarely used here.
I usually set the drive to around 1.9 and use the N type on all tracks. I find they it adds just a little overall warmth and cohesiveness to the mix, along with the Tape emulation which I only use on any busses I have on the project.
Also as noted above it subtle and accumulative adding those characteristics that the channel strips are supposed to be famous for. i.e. The distortion inherent in an electrical circuit, phase shifts caused by the coils and capacitors in the various stages of the gain and tone stages.
This article back from X2 might shed some more light on it for you Steve.
https://www.cakewalk.com/Documentation?product=SONAR%20X2&language=3&help=ProChannel.8.html