Decrease Ventilation: Lengthen T_High (longer resp cycle length, or less releases per minute, less breaths).
Decrease Oxygenation: Lower FiO2. Its the easiest thing to undo if you lower it too soon. No physical change to lung, just ventilator's air.
Raising P_High will increase ventilation (bigger release or tidal volume) AND increase oxygenation (raise Mean Airway Pressure).
Lowering P_High, the opposite. That's why I don't suggest dropping P_High to lessen ventilation (it lessens oxygenation as well)
Longer T_High increases oxygenation (more time at P_High, & alveolar recruitment), but will lessen Ventilation (Less releases per minute).
Shorter T_High lessens oxygenation, But will increase ventilation
Other approaches to open-lung ventilation: Airway pressure release ventilation
Habashi, Nader M. MD, FACP, FCCP
Critical Care Medicine: March 2005 - Volume 33 - Issue 3 - p S228-S240