OK, I think I got it figured out. I did a bunch of testing on a bike and running/walking. These settings seem to work well for what I want to do with the GW-60 for windsurfing/windfoiling.
AVG NSEC is set to 2S. AVG MSEC is set to 5S.
LOGGING is set to 5HZ so that the NSEC 2S will take the average of 10 points, and MSEC 25 points. Note that the 5HZ log occupies more memory than 1HZ.
MIN SPEED is set to zero so that logging is performed whenever the GPS is turned on, regardless of speed. Logging stops when the GPS is turned off.
ACTION SPD is set to NSEC or SPEED. If you set ACTION SPD to NSEC, it will display the actual NSEC 2S speed averaged over 10 points at LOGGING 5HZ. If you set ACTION SPD to SPEED, it is displayed at a 200ms average. This means SPEED is based on individual points at LOGGING 5HZ and is noisy.
Screen 1: RSLT 1A/1B is set to NSEC TOP. This is the top speed of the 2-second averaged points since the last log clear.
Screen 2: RSLT 2A/2B is set to MSEC TOP. This is the top speed of the 5-second averaged points since the last log clear. You don't really need this screen, but setting it to X (off) is not available.
Screen 5: RSLT DIST is set to O (on). This is the distance covered since the last log clear.
Screens 3, 4, and 6 are not displayed, since they are set to X (off).
SPD GENIE is set to 2. Above 2 mph only ACTION SPD is displayed. Below 2 mph the display scrolls through Sreens 1, 2, 5, 1, 2, 5, 1. at the rate of 1.5 sec per screen. This number could be set to other low values. This all means that you can watch the actual speed while out on the water, then look at the non-noisy top speeds and distance when stopped.
The log runs when the GPS is turned on and stops when it is turned off. When running, it continuously appends data until it is cleared. That way you can collect data for a whole day of runs even when you turn off the GPS between runs.
By far, the nicest aspect of all this is the NSEC and MSEC point averaging. This averages out spikes. GPS units that do not perform this averaging (such as the Garmins and GPS-enabled cameras) will display noisy speeds. Note that MAX will show the maximum of individual points without any averaging. As a result, MAX is noisy.
The second nice aspect of this is that GPD GENIE makes things very convenient. You can set it to see actual speeds on the water and results on the beach without having to press buttons.