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Injuries should probably be kept low for any historical game until you have simulated enough years so that there will sufficient players in the minors or on the reserve list to cover for injuries. Otherwise, if you start your league with the normal or higher settings, you may end up with too many injuries at certain positions for which teams don't have the depth to cover.
Moving forward, you can change the setting if it seems like all the teams in your league have good enough depth to avoid this.
As far as correct settings for particular eras, there aren't any. The injury information does not exist to enable a comparative assessment of historical injury frequencies among different decades or eras. You will have to use your best judgment.
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