See this thread on how to calculate the Panose weight of a font. I don’t think that setting is essential to get right — not yet anyway.
Its the classification as bold, italic, or bold italic that determines which type style is selected in applications when formatting text with bold or italic attributes.
All we really need is four type styles:
My Font Regular.ttf
My Font Italic.ttf
My Font Bold.ttf
My Font Bold Italic.ttf
And for the right one to be selected when formatting text. The Auto Font-naming wizard will use the classification fields in naming the font. Try changing the Font Design settings and running the wizard without actually modifying the glyphs at all.