wavelab 6 insights

so i needs some guidance with the following:when i open a song than level/pan i see the leds going and if i needs to adjust one so both l/r are equal,how do i do it?same type of questions for the phase,analyzer,loudness.
which do i really needs to use for mastering only within wavelab 6?another way of asking this is if i open the loudness one and click analyze after it does it’s thing and i close loudness,does that mean automatically it’s adjusted?and me final question is when i open a song and mess with parameters and close it,later i open again and it the same stuff i was messing with.how do i get the basic fresh one that’s not been messed with?