When checked, if OpenVPN exits unexpectedly (crashes), Tunnelblick will attempt to connect the VPN again.
When not checked, Tunnelblick will not try to connect the VPN if OpenVPN exits unexpectedly.
What you describe isn't Tunnelblick trying to reconnect, it is OpenVPN trying to reconnect. I'm not sure how to prevent OpenVPN from doing that, but if there is a way I don't know what that is, and it may work only for certain situations. Consult OpenVPN experts about that.
Tunnelblick will lock up if/when OpenVPN is trying to connect thousands of times per second because Tunnelblick is trying to keep up with OpenVPN's log. If you disable logging, the lockup may not happen.