HL020: However, I am now a bit confused on the types of wedges, as well as what PW is.
PW is short for "pitching wedge", which in WGTland is the shortest club of the iron set.
In real life, it's standard to have two wedges for different distances and purposes:
PW (approx. 48° loft from the vertical), and sand wedge, SW (approx. 56°). If any, players may use an additional lob wedge (60°, even shorter). It's different for Pro players, Phil Mickelson having a reputation for outstanding performance with a multitude of wedges. Still, the max. number of clubs is limited to 14 by the rules.
Here in WGT, we start with a Starter lob wedge of 50 yds and a Starter sand wedge of 70 yds in the bag. They have no loft angles assigned. The Starter PW is 90 yds long.
Custom wedges in the Pro Shop have no names; they may show angles of 52°, 54°, 60°, 64° ..., but, for game play, it's more important to know their nominal distance. It starts at 50 yds and goes up to around 110 yds for full shots. The "punch" shot option gives another, lower length value per club.
It's common wisdom to space the wedges evenly below the iron set's PW length, but this value changes from set to set, higher level sets going up to 120 yds. Many players drop the Hybrid for a third wedge (below PW).
My PW is 110 yds, and I chose three wedges of 100, 75 and 50 yds below. The punch lengths are 94, 84, 62, 41 yds. This is a close spacing which allows to choose a wedge and play it at full or only slightly reduced power for best results.