the difference in V12, V14, and V16 capacities came from the agitators, the rotor swirls were coned shaped which took up more space, than the straight vaned ones, which allowed a little extra capacity....
as far as fill levels, full has always been factory produced to stop at the bottom of the balance ring, not the clothes retainer, or the top of the agitator vanes.....and although thru the years of different presets, small was a 1/3 and medium was 2/3, if it was a 3 selection machine.....
My Moms was a 2 level, high was the balance ring and low was 2/3 full.....
Most machines that filled above the balance ring always had issues with clothes going over top and clogging the pump, but this could have also been part of operator error, I have never had this happen...
I like the Mini-basket option on these machines which have them, you can either use the basket, but without it, the low water level makes for a great scrubbing action for cleaning rags and such, while the filter pan floods the load with water and suds....
if your level is too high, you may want to adjust it down, same goes for if the high level is too low, bring it up some...