If it were your own dedicated server you would like to see it under 1. However on shared servers they can go quite high. You will then see a slow down of course, rather than users being denied access. You may be able to store a lot of the forum in a cache.
As to setting a limit I would not set it too low else no-one well ever get on your forum. 
Look at these last few entries:-
06:05:01 up 4 days, 16:06, 6 users, load average: 12.48, 11.78, 9.55
06:25:02 up 4 days, 16:26, 5 users, load average: 7.82, 9.37, 9.89
06:45:03 up 4 days, 16:46, 6 users, load average: 6.66, 6.62, 8.37
07:05:02 up 4 days, 17:06, 7 users, load average: 5.49, 6.34, 6.69
07:25:02 up 4 days, 17:26, 7 users, load average: 8.13, 8.87, 7.49
07:45:02 up 4 days, 17:46, 7 users, load average: 5.19, 6.14, 6.68
08:05:09 up 4 days, 18:06, 7 users, load average: 11.24, 11.45, 9.57
08:25:02 up 4 days, 18:26, 7 users, load average: 6.55, 9.68, 10.08
08:45:03 up 4 days, 18:46, 8 users, load average: 7.63, 7.82, 8.17
09:05:00 up 4 days, 19:06, 8 users, load average: 9.07, 11.88, 9.96
or this one earlier:-
12:25:00 up 3 days, 22:26, 7 users, load average: 29.93, 19.76, 12.68
The time to worry is when they go high and stay high!
If I was filling in that forum setting I would choose 100 
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Norm
Opinions are my own views, not DreamHosts'.
I am NOT a DreamHost employee OK!! 
You act on my advice at your own risk!