Blendmodes are not my strong point so I hope you don't mind me quoting the GM manual here.
Besides the normal mode it is possible to indicate that the new color must be added to the existing color or subtracted from the existing color. This can be used to create e.g. spot lights or shadows.
Basically with subtract black takes nothing off the color already drawn and white would take all the color. So if you draw 128,128,128 color with subtract blend mode what ever it was drawn over would be darkened by half.
Also again from the book of GM it would be much better to simply have a second command which is for advanced users.
SetBlendMode(blend mode)
SetBlendModeAdv(source blend,destination blend)
Or a different naming scheme
SetBlendModeExt(source blend,destination blend)
Either way it allows basic users to keep using the simply blend modes and advanced users to use the more advanced version... Although I think it would be for intermediate users not advanced since I probably can do this through openGL how things are now instead, couldn't I?