No, you can't influence the memory usage by more or less threading.
In general it should only very rarely be necessary to modify the threading settings, except perhaps if you want to limit threading in order not to load the machine too hard. ATK will normally use all available resources on the machine, but the distribution of MPI vs OpenMP is determined within the code, and can't be influenced.
You should be careful not too overload the bus etc with too many MPI processes on a single machine. 4 MPIs seems reasonable on your machine, and then let each MPI thread (it will, automatically). If you see not so strong threading it's because so far only parts of ATK use OpenMP, but we are working actively on increasing this part.