1) You get paid impairment benefits weekly for the 14% rating. That is just a straight forward calculation based on your rating and rate of pay.
2) A settlement involves giving up your right to receive lost wages and medical care through workers' comp in exchange for a lump sum. In determining settlement value, the carrier looks at their exposure for those two items when it determines the value of the case.
3) What is more important is whether you can perform any work. I send my clients to their own FCE, as I often find the carrier's FCE's are biased toward them. You would have to talk to your lawyer about whether you are totally disabled, which would have a tremendous impact on the settlement value of your case.