ELT just means Electronic Trip. That dip switch is there only for when you plug in a communication unit to communicate the breaker, MAN means you are going to manually scroll through and talk to individual register values, ELT means you want to talk to the entire ELT memory. LOC and REM have to do with whether you want the Comm module to take control of the trip settings (REMote) or let the breaker do it (LOCal). It means nothing to the way the breaker operates if the Comm module is not attached, so leave it as it came from the factory.
I only know this because I too was very confused by it the first time I came across is and it took some serious digging around to find that, I just saved you the trouble.
By the way, you are right about the N dip switch, except that it is only valid for their 4 pole breakers where they have to sense and switch the Neutral, which we don't use in North America. But they only make the one ELT unit, so it has everything on it whether it applies to your version or not.