Good news (I think)! I was able to set VehicleConfig5-Dual Rear Wheel (DRW) Vehicle Present (pic 1) to "yes" and as soon as the config completed I got DRW on my TPMS screen! Next to order some TPMS sensors and see if the RF module picks them up.
Looks like the pressure thresholds are only set by front/rear like I suspected (pic 2), even after DRW enabled.
I was able to drop the rear wheel threshold to 10psi, and don't anticipate having lower than that in my bags, so it may work out okay in my use-case.
Bonus find: when connected to the RF module there's a section for manually programing sensors to their respective location (pic 3), to include DRW and the spare tire?! I know our sensors are supposed to pick up automatically, but if they don't or are in the wrong place this may be helpful to someone.