The IACOB and OWN surveys are two ambitious complementary observational projects which have made available a large multi-epoch spectroscopic database of optical high resolution spectra of Galactic massive O-type stars. As a first step in the study of the full sample of (more than 350) O stars surveyed by the IACOB and OWN projects, we have performed the quantitative spectroscopic analysis of a subsample of 128 stars included in the modern grid of O-type standards for spectral classification. The sample comprises stars with spectral types in the range O3-O9.7 and covers all luminosity classes. We use the semi-automatized iacob-broad and iacob-gbat/fastwind tools to determine the complete set of spectroscopic parameters that can be obtained from the optical spectrum of O-type stars. A quality flag is assigned to the outcome of the iacob- gbat/fastwind analysis for each star, based on a visual evaluation of how the synthetic spectrum of the best fitting fastwind model reproduces the observed spectrum. We also benefit from the multi-epoch character of the IACOB and OWN surveys to perform a spectroscopic variability study of the complete sample, providing two different flags for each star accounting for spectroscopic binarity as well as variability of the main wind diagnostic lines.