Hi Ramesh,
58C is very normal, but best would be if the fans don't switch on in order to maintain it at that level. I think at 61C the fans switch on.
Of course, in a cabinet the heat will build up somewhat; also with decent ventilation.
Do you regularly undust your Mach III ? that will really do wonders if you never do that (you will see what I mean if you take off the cover).
Btw, switch Down means On (you said it the other way around).
That other switch increases the "steady fan" speed somewhat. Down is higher. Thus, especially with a warmer ambient (say 100F) it may be necessary to increase the fan speed somewhat, so the other fans stay off. Thus, having those on/off all the time (white led goes along with that), is not the best for a steady sound.
I hope it is clear a little !
Peter