Use only the 39k Ohm value for specified performance. The pin description table is misleading because it says to use a 39k to 120k Ohm resistor (datasheet document number 19-2438; Rev 8; 4/15). This should be changed to say use a 39k Ohm resistor only.
Related history: the MAX7301 is a metal mask option of the MAX6957 device which provides a variable LED current drive that is adjusted with RISET as per the equation in the MAX6957 datasheet. The MAX7301 does not include the adjustable LED drive circuitry and the default RISET value of 39k Ohm provides specified performance.