A bit of all three. I can only disagree once I know for sure what you are saying. And when I am in disagreement with someone, I often find that figuring out why we disagrees leads to further enlightenment.
It does appear that what I consider to be a CNS O2 clock you say is controlled by lung/pulmonary considerations.
For example, I consider the 300 minutes max at 1.0ata ppO2, 210 minutes max at 1.2ata ppO2, and 150 minutes max at 1.4ata ppO2 to be CNS limits, not pulmonary. When I refer to CNS clock, I refer to using these sorts of limits, but expressed in %/minute terms to calculate the "% of CNS clock" that has been consumed. (For example 300 minute limit at 1.0ata turns into 0.33%/ minute, 150 minute limit at 1.4ata becoms 1/150 = 0.67%/minute).
Is the above sort of calculation what you are calling lung/pulmonary toxicity calculations? I call the above the O2 clock or CNS clock, and don't believe it has anything to do with pulmonary effects such as lung damage, edema and breathing difficulty. I've never had to calculate OTUs for any recreational dive.
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The MOD of 1.4ata is indeed a CNS-related calculation, but it is simply a very quick and dirty way of keeping the CNS clock in limits, since it is unlikely that a non-technical open circuit diver will exceed the 150 minute per dive CNS limit for 1.4ata ppO2.
PADI calls it the oxygen exposure table, but in advanced nitrox its OTUs. Im speaking only of recreational nitrox, and im not formally trained in advanced nitrox. Using 100% of your 02 clock puts you at risk for pulminary toxicity and increases your risk of CNS toxicity. The exposure table and 1.4 limit is designed to keep rec divers withing conservative limits.
So basically, CNS is based on depth, pulminary based on time, though both are called oxtox.