Dear pbed,

This ins not a question parameterising the motor. It is more a question selecting the right converter and motor.
The load cycles have to be within these limits, otherwise the drive might trip with overload fault
There is a FAQ about what CT/HO and VT/LO means: https://support.industry.siemens.com/cs/de/en/view/23810411

At least the motor has to be parameterised according to its name plate.
In slvc mode p640 is the real current limit and p1520/21 are the torque limits, whereas the p640 determines the current limiting controllers setpoint in v/f mode.
Esp. with variable torque (low overload) applications, the current limiting controller reduces the speed, hence the load torque (current) will be reduced also.
The limits are set automatically on safe values
After autom. commissioning, p640 is set onto 1.5 p305 if it wasn't set during the wizard.
P1520/21 are adjusted to the settings in p640 accordingly.