The "4/8 ohm" switch works like this: The woofer starts out as a "high 4 ohms woofer" and the switch adds just enough series resistance so that the load the amplifier sees becomes, in effect, an "8 ohms nominal" load. The actual difference in impedance is much less than these numbers imply. When engaged, the switch reduces the efficiency by about 1 dB and reduces the voltage sensitivity by about 2 dB, but in turn you can safely parallel the cab with another 8 ohm cab for a loud gig.
The "Acoustic Friendly" option: Reduced-level rear-firing tweeter that adds a bit of top-end energy to the reverberant field and therefore comes a little bit closer to mimicking an actual acoustic instrument, and also lets anyone behind the cab (drummer perhaps) hear the overtones a bit better. More useful for upright bass than for electric bass.