The free space CAN go below the value you set. It is about whether a drive can be selected fo a new file and what it does is stop a NEW file going to the drive when the value falls below that value,
As an example if you had the valu set to 50GB, had 60Gb free and tried to write a 40GB file then this would be allowed and there would only be 20GB free after writing the file finished and the NEXT file would go another drive, If the file had been 70GB then the drive would have been selected and the write-failed because 70GB was more than the available space,