Selecting t/o flaps is a compromise. If you are given a choice by your airline and/or manufacturer, in general terms, shorter runways need more flap, but you lose in 2nd segment climbout.
More flap gets you into the air at lower speeds allowing lower tyre speeds among other things, but you will have a lower climb gradient in the 2nd segment.
A lesser flap setting OTOH means higher tyre speeds and needs longer runways, but (usually) results in improved 2nd segment climb gradient. Sometimes you can crib a bit by using more flaps and a bit of "overspeed" to improve the 2nd segment.
Overspeed is increasing the certified V speeds by a margin to improve 2nd segment. It works when the V2 speed is on the "back of the drag curve", meaning less energy is required to fly a few knots faster. Naturally it costs runway length to accelerate to the higher speeds.
My mob use (on the B747s) F20 where possible and F10 when it enables a higher TOW or greater engine reduced thrust.