I do not understand your question or what you mean by "use of it dynamically".
Module Settings is just a convenient built in system you can use to persist content feature instance settings as well as feature defaults for those settings. It provides a user interface ModuleSettings.aspx and a way to have localized labels for your settings. That is all it does and that is all it was meant to do. If you find it useful use it, if not you can implement your own way to manage settings. This is a built in convenience so we don't have to implement a way to store feature instance settings over and over in each feature. Typically in existing features we populate some local variables based on the module settings in a LoadSettings method. Module settings for a given module are actually retrieved all at once (by moduleid) into a hashtable, then you are accessing them one by one to read them from the hashtable. This is what makes it flexible we can have as many settings as we need.
Hope it helps,