Have a look at http://www.backupexecfaq.com/faq/concepts/understanding-media-sets.html and http://www.backupexecfaq.com/faq/concepts/how-be-selects-media.html
I'd set the media management to full. Media management refers to the media server, not a specific media set.
I'd create 2 media sets:
1 for monthly full backups. Set this to no append period, and 27 days overwrite protection. Use this set for your full backups, and they won't be overwritten for 27 days.
1 for differential backups. Set this to 1 month append period. The OPP should be 1 day a reckon with diffs.
HOWEVER - I would have enough media in the full set to allow 2 full backups - if you only have 1 and start overwriting it, and it fails, you'll have no full backup. Also if you are doing diffs, I wouldn't append each one to the last tape. I'd be inclined to have a few media and retain the last few diffs, depending upon what retention requirements you have.