Hi Elspeth,
MI is an effect size measure so there is no significance cutoff as with statistical measures. However, there are two ways to proceed. As you say, one way is to just use a score (e.g. above 3), which is a common convention. Another way is to use a statistical measure (e.g. log likelihood) first, and
then rank the values by MI. This is possible in AntConc, too.
I tend to use the second approach.
In theory you can set a 95% confidence interval on MI values, which is equivalent to p<0.05 but few currently do this. It's also not implemented in AntConc.
I hope that helps.
Laurence.