I would not attempt to adjust the pressure relief valve, they are set at about 600 PSI to protect the coil that the water is heated in. Not saying that it WILL rupture the coil, but they are around $1000 to replace, not to mention if you are standing near it when it goes, 220 degree water is pretty hot. The higher pressure heater has a coil that is rated to hold the higher pressure.
You can set your wand down for as long as you like, as long as you have water to the heater,
water will cool down after a while and when you start cleaning again, it will take a bit for hot water to get to the wand.
Be careful with this heater, do not store anything flammable or combustible ANYWHERE near the heater. I have a friend who spilled some fuel in his van, it got ignited by the heater, and he ended up in the hospital with some pretty bad burns.
One last thing- whatever it takes, whatever you do, DO NOT forget to turn off the heater when there is no water going to it, mine suffered a meltdown from this and I had to replace the thermostat.