Yeah the settings can be a bit confusing, I agree.

I think the most confusing though, is what the correct settings are. Especially because the default values for stretching for instance is 50. But you can scroll it all the way to 1000, which is a huge range. So you would expect a setting of 50 to be close to no resistance at all and 1000 to be like leather. But it highly depends on the cloth density as well. So if you turn that up a lot the stretch resistance have little effect. But also as you increase Air damping which is how much the cloth will be slowed down by air as far as I understand, it starts to be complicated. I don't think they did a very good job at giving examples of these settings. I know there used to be some images showing the different effect. But still some standard materials which could be chosen from a drop down list or something would be a great help.

But regardless of that, unless you make animations, I guess. You can just try different settings until you are happy, if it looks the way you want it to in the image, it doesn't really matter much about the settings I guess :D

But this might be useful for you:

Leather settings

High fold resist

High stretch and shear resist

Fairly high static and dynamic resist

Low Air damping

You can increase cloth density slightly, but usually seems to work best if you don't go nuts with this, as it affect all the other things as well.

Silk

Low fold resist

I don't think silk stretch or shear a lot, but might be wrong. :D

High air damping

Low static and Dynamic resistance

a bit lower cloth density

I haven't written any specific values, because I really don't know what they should be. But I think focusing on these settings will be good. Cotton and denim etc should be somewhere in between these I think.