its interesting coz if you do it you'll see a bunch of other game settings too like last stand duration and starting with a set amount of points.. i think i've tried most and only ones i've found that work when you change it are the self revive count and friendly fire which you can turn on...
theres another way to do this 99 lives glitch which you can do solo. all you need is 2 controllers + mouse + a dummy account. i've been using it this way for months and once you get the hang of it its so simple. its gonna sound strange but try it out.. if you follow exactly it will work (100%...