Welcome to BF. Enjoy your stay!
First, I would stop using the Chef's Choice on your better folders. Save it for kitchen knives, garage beaters, etc. Get used to using the SM and sharpening by hand.
Second, a 40 degree SM angle is an inclusive angle. That means that it is 40 degrees from the outside of the angle on both sides of the blade. In other words, it's the sum of two angles that are each 20 degrees from the vertical. A 40 degree angle is wider (more obtuse) than a 30 degree angle. If you're thinking about knife edge angles, a 30 degree angle (15 degrees per side) is the main bevel, or the first bevel that you set with the SM. This keeps the edge a little thinner than a 40 degree main angle would be. Then you create what's called a micro bevel with the 40 degree setting. This thickens the very edge of the blade bevel so that it's a little stouter and longer lasting. The edge is still very sharp and pretty thin, but it's said to last a bit longer because there's a little more steel behind the 40 degree micro bevel.
Of course, you could just use the 40 degree slots and do the entire edge at that angle. Many people do. You just end up with a slightly thicker edge that may not slice material quite as impressively as a 30 degree angle.