Material is the sdescs of all the items going in to the recipe. A craft recipe can have up to five items, so something like a piece of bone, a shard of sharp-edged obsidian, a length of leather.
Price (I think) is what you'd value it at. Not necessarily what you'd get from an NPC for it or how much you'd sell it to another PC. Just the general value of it, based on materials etc. Honestly, this is what I always have the hardest time with.
Tool is where you can determine whether or not a tool is required to make it the recipe. You can specify whether the crafter must have a certain type of tool to attempt the craft. If you have a recipe where you need a whetstone, for example, attempting the craft without one gives an echo like "Crafting this requires a whetstone tool." So you can create a craftable item that requires specific tools.
Duration is the crafting delay, yep.
Wear flags, for weapons, are things like whether it's sheathable on your back, on your belt, if it's two-handed, that sort of thing. If you were making something heavy that maybe could only be a primary hand weapon, I'd mention it here too.
Other things I usually add in, (ADDITIONAL NOTES: or something similar, at the bottom) are things like the weight of the item (based on the materials used) and whether it might be used for skinning etc. For garments/bags etc, I'd add how much it can hold, whether it's closeable, that sort of thing. But for weapons, none of that will really aply, other than maybe the weight and whether you can skin with it.