That deep button you dug was quite a find even for just for how deep it was and for your persistence.
Rocky ground, deep squeaks (do you mean short intermittent mid to high tones?) and one of those turned out to be what looks like a brass button.
1. If you are getting pinpoint signals (what kind of pinpointer are you using?) at 12" depth, there is either a target nearby or the mineralization/soil dampness level may be setting off your pinpointer. Your button proves that there was one real target for sure. So for me, you answered your own question number 1 through experience.
2. There is a trade off here with the Equinox and its versatility as far as selectable single frequencies and its 6 (600) or 8 (800) versions of Multi IQ. From experience and from research, Park 2, Field 2 and the Gold Modes using Multi have very high frequencies in use which are higher than 20 kHz and more in the 40 kHz range. Those modes are hyper sensitive to any small targets, partially masked targets and targets on edge no matter what conductivity they have. So your using 20 and 40 kHz to enhance your deep squeaks makes total sense to me. So would hunting in Park 1 for the easier to hit targets whether they are shallow or well oriented deep targets and following up with Park 2 for the really hard to detect shallow and deep targets. So, using 4 kHz or even 10 kHz seems to be the textbook, smart way to hunt deep silver/high conductor targets with the Equinox..........that is not necessarily so.