I actually play this game from time to time, it's a fun & challenging distraction. And I do sometimes make a few changes to the options as well. But I always play it on the home system, so I rarely check the MVS options or settings, so I really don't know what they do.
Some of the options determine which side the player controls, which player moves first, as well as number of moves permitted before a called game, The difficulty and credit / level displays would obviously be on there as well. And then perhaps a timer would be another option.