I think the undervoltage block at 75% voltage would be more appropriate. Some of the logic for higher settings:
a) The largest use of frequency elements is for load shedding. If frequency deviates from nominal, you have an overloaded system. When a transmission line fault causes a substation to be isolated (blackout), and there is a high induction motor content in the substation load, the motors backfeed the substation with relatively low voltage and rapidly decaying frequency. You need to keep 81 elements used for load shed from tripping, so that when the transmission line is restored, the operators do not also need to reset load shed relays. The motor backfeed can be notable for a couple cycles, and the load shed relays are typically very fast, so you need to set the undervoltage setting as close to nominal as you feel comfortable with.
b) In a utility environment, voltage below 75% is not a normal operating point and is indicative of a fault. You could likely use as much as the low 80's. In an industrial environment, maybe larger dips are more normal, though.
c) Faults tend to cause changes to the zero cross point that most relays use for frequency measurements. The fault tends to tell the relay for a cycle or two that the frequency has changed. If your 81 had time delays of 3 cycles or less, you need the undervoltage block to help stop a relay operation during a fault.