That begs the question: how often does one even
need accurate level measurements? I'm thinking it's just once, in mastering.
Most of the time we're relying on spectrum analyzers solely for
relative levels. One of the reasons I've liked MAnalyzer (and MMultiAnalyzer) is that it has a normalization feature (now SPAN has it, too) that lets you ignore absolute levels entirely and focus on relative amplitudes.
On the subject of slope, that's partly a genre-specific decision. For Top-40 pop, a 3 dB/octave slope works well. For acoustic genres, traditional jazz and classical music, 6dB/octave works better. Choosing -4.5 dB as the default for SPAN was a middle-ground compromise.
One way to settle on a slope is to determine the slope of your reference recording(s) that you want to emulate. Let's say you think
Eclipse from Dark Side of the Moon best matches the project you're working on. Import it into SONAR and insert SPAN on the track. Choose "Master" as the mode (you want a slow-moving average). Now adjust the Slope knob until the low and high frequencies are at about the same level. (For that particular song, the slope is about 3.5 dB/octave on average, but brightens significantly to 2.5 dB/octave during some parts.)