Yeah, and I checked Bahamut's AI and Mombomb's, and neither uses those two bits in its transition.
Still, I'd like to experiment with them to see if there's any noticeable effect.
It would be pretty easy to try it out on D.Mist...

OK, so I tried it on D.Mist.
It does something, but it's weird...
Apparently, when you set bit 6 or 7 in the parameters of F0, the command makes the monster flash the second form, but then revert to the original form again.
And it appears that which bit(s) is (are) set determines the duration the second form is visible.
01:a literal flash
10:about half a second
11:about one second
So... Not really very helpful, but somewhat interesting to know anyway...