I've been able to add some pretty cool word wrap features. It should handle your needs very well. These are word wrap features I've wanted to do for a long time.
Here are some details:
Typing, backspace, and Del keys all do very full word wrap (all but your justification options). The idea is to word wrap your paragraph as you type so you don't have to fix it later. I couldn't do this in the early versions of SlickEdit because the computers simply weren't fast enough to keep up with typing. Definitely no problem now.
A new "Auto Left Margin" feature has been added. I love this. SlickEdit will determine the left margin based on the first non blank character in the line. Then all you need is to define a right margin or a fixed width right margin (another new feature). When you set a fixed width right margin, the right margin is calculated by leftMargin+FixedWidthRightMargin-1 where the leftMargin is the first non blank.
If you're a command line guy like me, you can turn on "Auto Left Margin" simply by "ma 74" to turn on auto left margin and set the right margin to 74. A command like "ma 74w" will turn on auto left margin and set the fixed width right margin to 74.
Blank lines delimit paragraphs. When "Auto Left Margin" is on, changing the indent also starts or ends a new paragraph.
There aren't any special options for handling custom hanging indents but this could be added in the future.