That's a depressing thread... but then it is Resetera so not surprising. Even if past DOA devs came right out and confirmed it did nothing and that it effecting jiggle was just a conclusion reached by gamers, people would still perpetuate the myth that it's a jiggle slider and that this is evidence that Team Ninja and Itagaki are filthy pervy demon weirdos from hell and that DOA is not an FG but in fact porn.
And how about $8008 or $9999?
I swear this was a myth probably started in some gaming magazine's cheat section, or the early days of GameFaqs. It clearly makes no difference, especially not when it comes to jiggle, but you have to wonder why the hell the option even exists at all...