From what I can see (I didn't work on this, so it is still a bit new to me as well), the settings revamp should resolve this conflict for you.
The default sharing state for new content remains for applications that don't implement the privacy controls, but content you post through the web site and the iPhone app will default to the privacy settings you last used and this is displayed more prominently so you know what it is before you post.
I may be missing something, but once it rolls out to you (starting soon), I think you will find that you will not need to manage a second global control about who can see your content - from then on the individual content item describes who should see it.
The default sharing state for new content remains for applications that don't implement the privacy controls, but content you post through the web site and the iPhone app will default to the privacy settings you last used and this is displayed more prominently so you know what it is before you post.
I may be missing something, but once it rolls out to you (starting soon), I think you will find that you will not need to manage a second global control about who can see your content - from then on the individual content item describes who should see it.