Do you have audacity? Try opening the polywav in that. You will get one stereo pair in one window and 2 mono's in 2 separate windows.
This is what your stereo one would look like...
http://audacity.sourceforge.net/about/images/audacity-macosx.pngThis is what your 2 monos would look like
http://audacity.sourceforge.net/about/images/audacity-linux.pngIn the above pic click where it says channel one in this example. It will say your file name though when you open yours. You can choose left, right or mono. Choose the coresponding left or right. I generally do my stuff left [1],right [2] {for the stereo pair} left [3] right [4]. It all depends how you plug your cables in.
Once you've done that close the 2 mono files that you just changed to left and right and save the stereo file as your mics {as an example..could be board or whatever}
Then click edit, undo to bring back one mono channel. Then again to bring back the other. Now close out the stereo file and save the 2 mono's {that have been changed} as your board feed. You should now have 2 clean stereo feeds.
Maybe wavlab is having issues with the poly's?
That should work.
And I'm at work so I don't have my software in front of me. I'm going by memory. Also be sure to go into options in Audacity and change your default save to 24 bit pcm 48 khz before you begin..
From there you should be able to mix them in wavelab. Give it a try?
EDIT: Leave the pan stuff alone. You don't need to touch them. Just leave them centered.