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When you install the SDK (ex: Z:\SDK_P3Dv4), you can find at the root directory a file Z:\SDK_P3Dv4\ConfigSDK.exe that you hav to launch as Administrator and you must valid by Yes at the question asked.
For that you should hava P3D v4.4 installed in order to write in some files under Z:\SDK_P3Dv4\ the correct path to P3D.exe.
If you don't make this step, your SDK isn't well configured and you cannot use Max as you want. It is as simple as that.
From what I've seen so far, both the bump and normal maps, and diffuse / albedo maps are basically the same, with the exception that the "smoothness" map can either be stored in the albedo alpha channel, or the metallic alpha channel.
You shouldn't need two slots, as you'd be using one or the other, not both on the same material.
You have said in another thread about possibly having both types of textures (PBR and Standard FSX structure) for a single model, does that mean that maybe both the Diffuse and Albedo / Bump Texture and Normal Texture slots are needed (1 for each - 2 additional slots)? I would think in that case that 2 additional slots might be required. So that one could use one or both in a single model. Maybe that would cut down on confusion on what is being used either PBR or standard texture types at a given time within a model.