Instead of setting feature dataset M tolerance to an arbitrary value, utilize the approach of roads and highways to create, by default, M tolerance and Resolution relative to the projection and XY tolerance, or otherwise allow for M tolerance to be imported from a layer with an existing M tolerance, similar to how the projection and vertical datum can be imported from a layer. If a user wants to set an arbitrary M tolerance like 0.0001, that is much easier than figuring out the appropriate M tolerance to match the spatial precision of the XY tolerance.
Currently in ArcMap, the screen that allows setting of the M tolerance blocks you from looking at the values in another layer in the catalog, and so it is necessary to open another catalog instance to copy and set the appropriate M tolerance value.
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