I have an E-250.
To clear a few things up:
-The slide switches on the rear have no impact when using a MC.
-It has 2 MC settings
Hi for high output carts, ~1:10, 40 Ohm, with a 5 Ohm cart net gain ~ 40/45 x 10 ~ 8.9x
Lo for lower output carts, ~1:40 2.5 Ohm, with a 5 Ohm cart net gain ~ 2.5/7.5 x 40 ~ 13.3x
Another thing to consider is even though a cart is rated 0.4 mV, the avg level is ~1/3 of that, 0.13, close to the E-250 low rating of 0.12 mV, the max may be 10x that, 20 dB/1.2 mV, ~ 1.25 V at the output. That will be very loud.
This is what Luxman has to say. Their method wants the load ~ cart Z
Although this refers to the EQ-500, both have the same input Z and gains