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I have spoken with the FAA folks at a few of the gatherings (S n F, AOPA, OSH ) about this very scenario. We discussed the fact that when 2020 rolls around, your display in populated airspaces will be extremely cluttered, and will obscure the underlying data. They totally agree that it very well could cause problems with “eyes inside the cockpit” instead of looking outside. It’s amazing how many planes are flying near you, but before you had ads-b you thought you were the only plane flying that day.
Now you know what ATC sees. But then, they’re not flying the plane at the same time.
I’m not quite sure what you mean about an altitude screen, but for your info, iFly does show your altitude in both agl and asl if you add those instruments. Any gps should show your altitude. It will also display the altitude of another target with ads-b out. Tap the target and it will show details (altitude, direction, speed).
To the OP's original issue: set the thresholds you want to get less info. (Setup | Alerts & Warnings | Traffic Alerts)