Just some food for thought:
Most manufacturer's tell you to set in the FLC because the SF is fairly standard across the manufacturer's selling to the US(NEMA again), based on motor horsepower, type, phases and voltages (all required to size OL's) and would aid confusion in the field.
Thermal OL's will allow the motor to run past SFA for a short time. There is a trip curve in NEMA's publication which will tell you when it should trip. Most manufacturer's use this as there standard. I am not up to speed with the NEC to know what they say specifically. There primary concern is fire and safety hazards, not so much of protecting our motors.
Electronic OL's are more adjustable to trip before these times specified. Thermal's operate on temperature alone, and in my mind, the damage has already occurred before they trip. It is a matter of what you want to protect or what is more important, the motor or the process? Sometimes the process far out ways the protection of the motor.