A lot of users are happy with the FineCut parts on 3/16" steel. Here would be a suggested starting point.
Use the 220404 deflector, the 220061 ohmic cap.
Pierce height: .15"
Cut height: .08"
Pierce delay time: .6 seconds
Cut speed: 40 to 50 ipm
Amperage: 45 to 50
Expect light dross....it will be easy to remove. By experimenting with speed you can minimize the dross. Expect a bit shorter nozzle life as these consumables last longest at 40 amps or less....but that power level is a bit too low for 3/16"