Great to see that you are getting a chance with the new timer. What motor/kv, how many cells, what prop/pitch and actual rpm?
From the top, the 006 is the number of flights that end with the specified time, not runs stopped with the button.
You are low on the rpm setting and pulse width, so guessing a pitch of 6+?
You didn't mention using only setting 4 with sensitivity of 0. In simple terms, it adds rpm with tilt angle, so if you point the nose up over 30° you get added rpm. If you start there you can get a feel for what that function does. It will speed up and return to baseline rpm, not below baseline. A couple of short flights with wingover and various loops will give you the feel. That will help you then feel and set function 5. Set function 4 at 15+ when using alone, then 10 - 15 and start adding sensitivity (5).
Yes, the light is as described. On V3.1, that was about where the "gear up" change was, perhaps the light is still running from that timing.
Function 5, Sensitivity, is a setting for acceleration based algorithms, not tile or angle. Max then limits the maximum rpm added as a percent, not an rpm numeric value. Minimum similarly limits the percent of decrease in rpm. A higher numeric value for minimum allows for a larger decrease in rpm. So, you have added rpm from function 4 and 5, but decrease only by 5. Functions 4 and 5 do not increase rpm in the same way, so that is part of your preference for feel. Function 5 is quite sensitive to airplane trim and sensor leveling. If the plane dances in the corner, or in turbulence, and you have function 5 turned on, it will change rpm, not necessarily in a helpful way.
I leveled the plane and then matched the pitch axis to the number in the upper R corner by sensor placement. The roll axis along the wing trailing edge should be about 403-405. Very minimal shims should help. I didn't stick mine down with the foam tape until I flew it and it worked, with equal inside and outside loop accel/decel, and similar rpm upright and inverted.
I hope this helps as a start. I realize that the sensitivity and max/min explanation may be a bit lacking, so ask or pm if you want help. Look for a pm about datalogging.