You will gain close to 12dB improvement in S/N ratio by increasing the output to 0.7mv but you will reduce high frequency extension a little bit but only at levels much higher than 20KHz. in other words, frequency may go up to 60KHz at 0.3 but only 50KHz at 0.7. You won't hear this easily...but you will hear a 12 dB improvement in S/N.
Go for the highest output available.
Go for the highest output available.