The published LOC (lower oxidant concentration) required for H2 is 5% v/v, while LFL for H2 at ambient P/T = 4%v/v. Keeping a safe margin on LOC to say 3% as required by NFPA 69 (since 0.6*0.05=0.03), that will require an inert gas purity of at least 97% v/v from your PSA nitrogen generator( since (1-0.04)*(1-0.97)=.029), so 97-98% v/v N2 purity should be okay. Remember to install a inert gas purity trip sequence at the corresponding 2-3% v/v of O2 at the PSA unit exit just in case the PSA unit were to malfunction. One of the chief causes of malfunction is poor feed air quality to the PSA unit, which is attributed to lube oil carryover from non oil free air compressors into the mole sieves adsorber bed. So to get you off on the right foot, check that you have a oil free air compressor. Typically online residual O2 analysers are low reliability, and given the attendant risks involved, we installed a 2oo3 voting system for this on a past project (at the least, go for 1oo2 on the analysers if you are not too fussed about high round the clock availability of this PSA unit).