Brian,
I do not see cut off level on my server (7.4), I have a screen shot but I can't attach it (not enough posts?).
Here's a crude list of what I have set.
 
Virus scanning   Enabled 
Spam filtering   Enabled 
Spam sensitivity    
Custom spam tagging level   5 
Custom spam rejection level   20 
Sort spam into junkmail folder   Disabled 
Modify subject of spam messages   Enabled 
As you can see, it has tag and rejection but no cut off.
mmccarn,
I have been through that, I'm happy with my filtering setup.  Nowhere in that documentation does it mention cutoff.  It only deals with rejecting mail.