I'm confused as to how doing worse would ever assist you?
It's a pretty convoluted system for sure, but essentially it takes your best 240 credits of modules and multiplies them against the grade you got (so 1-4x multiplier) and the scores from the 120 are doubled. You want as low a score as possible and you also need to gain at least 60 credits at the appropriate level (1 for a first, 2 for 2:1 etc.).
Ultimately given you want as low a score as possible and your scores are all added/multiplied together, doing as well as you can to get as low a score as you can seems to be the best way to go.
The only reason I could see for deliberately doing worse in something is in the scenario where one of your better grades may not count e.g. you have somehow done 270 credits, and got a grade 1 in a 30 credit module, but the rest of the modules are 60 credits, so you are unable to reach 240 credits using the 30 credites module and need to just use your 240 credits of 60 credit modules. But this is an incredibly convoluted and hypothetical scenario, and assumed that they would dismiss the grade 1 30 credits, when in reality they'd probably half the 30 credit module or something.