IIRC the Cancel and P work on the Oseries control. If the soft limits are set before the switches fall off the cam then this will only work on this power up. Once the machine is powered up again this will be the same issue. There are 2 things that can be done.
-The easiest way is to change the soft limits via parameters. I believe on the Om control it is parameters 700-703 for positive direction and 704-707 for negative. First check to make sure that your reference switch is not right on your hard limits. As Fanucman said if you move the soft limits beyond the hard limits then the machine will go straight to hard overtravel. Dan has pointed out the distance you will need once the switch drops off the cam.
-If the cam switch is too close to the hard overtravel then you have to physically move the cam switch as fanucman has said. You are worried about the tool change but it will depend on how your tool change is set up. The tool change position should not be built right at your hard limits. There should be room for adjustment.
My guess is you need to adjust the soft limit settings then you should have no problems.
Stevo