Hello,
to my opinion, your masurements with different serial termination respectively drive strengths show that the observed effects are due to unterminated transmission line (cable, PCB trace) connected to the pin. It seems to me as a common signal quality issue.
To design an optimal signal termination, I would have to know the connected networks properties in terms of line impedance (Z0) and electrical length. A usual case is transmission line connecting output and input pin with no additional termination at either end. If the drivers output impedance is clearly below the line impedance, you get signal overshoot at the receiving end. By increasing the driver impedance to the line impedance, you can create a source-side impedance matching an hopefully get a satisfactory signal a the receiver. Please note that the "ideal" signal waveform is only achieved at the receivers side, it may look different at the driver.
I think, you effectively achieved this by setting a lower driver signal strength. If you get a sufficient signal quality by this means, you should be lucky. I can't see nothing "illegal" by using signal strength setting to adjust driver impedance. The point is, that you can't expect a specified impedance and you have no calibration as with some "OCT" variants.
When long PCB traces or cables are conected to FPGA or other fast logics output, I usually supply an external serial termination, which has lower tolerance than the internal driver impedance.
Regards,
Frank