Hi,
When you configure the characteristic selection method as table and that you have different prices for different variants, the main price area where the price is normally displayed it removed and instead the price of each variant is added as an extra column in the variants table on the product page.
The "lowest price" setting you're talking about is for products listings so that when a product has several prices, only the one(s) you want are displayed on the listing for that product. It's not involved in the display of prices on the product page.
If you want to display the lowest price of the product on the product page, it will require some PHP development as you'll first need to calculate which one is the lowest by going through the different variants and then display it appropriately. So it's not just 1 or 2 lines of code I could give you either.