There are times when modest overpressures can be of benefit in reducing the size of vent required. A discussion of this can be found in one of the articles found at the Fauske web site above (see article C02, A Quick Approach to Reactor Vent Sizing). This works particularly well when reaction heat causes a component to vaporize which tends to cool the reaction as that material is vented but you have to be careful that depletion of an exotherm-controlling volatile doesn't result in a more severe event.
I think early venting also allows quicker removal of reacting material from the vessel which can also reduce the severity of the event.
In my recent experience with runaway relief design, an overpressure of 20% had a significant impact on reducing the required vent size but beyond that there was little benefit to higher overpressures. Of course different systems would have different considerations.
Not necessarily related to amount of overpressure but in case you haven't seen this reference, you might find this interesting, it has some worked examples
CRR 1998/136 - Workbook for chemical reactor relief system sizing
Main Report and Annexes
Anyway, I think you can say there are times when having the set pressure below MAWP provides some benefit. How much below MAWP, depends. But for spring loaded relief valves, seems like too much overpressure could result in a reclosing relief device becoming a non-reclosing device. Sure seems like I remember seeing a previous thread regarding the issue of high overpressure but couldn't find it.
As for vendor guaranteed flow, I believe that is what is stamped on the relief device. Usually that flow is given as either scfm air, lbs/hr steam or gpm water. But we use those same devices anyway in other fluid service. Of course ASME provides a method for capacity conversion of safety valves (Appendix 11) as well as a method for prorating the relieving capacity (UG-133) at any relieving pressure greater than 1.10p, as permitted under UG-125 (I'm not sure but this may permit prorating only up to 21% overpressure).
Then there are formulas specified by the National Board that can be used with certified valve coefficients in order to determine the certified relieving capacity and vendor formulas that use the valve coefficients to determine minimum required area. But the valve coefficients are either given for vapor/gases or liquids. So where does that leave us when it comes to vendor certified two-phase flow capacity? Probably lacking. My point is, in many cases, we are using relief valves in fluid services other than for what they have been certified. So I wonder how much guarantee we have of those relief valve capacities anyway.