In my opinion,
I would evaluate three stress ranges (installed to operating): 1)no settlement and no bulge, 2)with settlement, 3)with settlement and bulge. If all three SEs are below SA you're OK. If not, then more work is required (for example, calculate equivalent cycles to adjust f for the highest stress range as defined in B31.3). I believe this would be conservative.
Again, that's my opinion with very little attention to details. You and others may change it...
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Dave Diehl