all archiving related information can be found here
For most part default setting is good, I like keeping the "hold off time" little higher may be a hour or more, dont want too many archive, every time there is a syslog event.
Max Config Archive and Max days retained depends on your company compliance requirements. By default it will keep last 5 copies and upto 7 days.
would also recommend you to move to Catalyst Center, if you haven't planned already.
-hope this helps-
