TR, welcome to the CACC.
I have never driven a 'Vette with the FX3 suspension, but I imagine it is not too different from any other car with an an adjustable suspension. The different settings will adjust the stiffness of the shocks, the stiffer the shocks, the better your handling performance, but the rougher the ride.
If memory serves, there are 3 settings you can choose from, and they should go in order from best performance (stiffer shocks) to best ride (softer shocks). Experiment with the different settings when your out cruising around with the top down, that way you can get a feel for which setting you like the best.
I found a link to a page with some information about the system, it can be found
here.
Hope this helps clear things up for you. Enjoy the 'Vette!
Jason
P.S. Rob has done an excelent job of putting together a database of information about these wonderful cars. You can find the '93 model center
here, or by clicking on the "tech center" link on the tool bar at the top of the page.