As an intro to the GPIF II Designer, it's good to walk through building using training wheels of an application note first. Even if the target application does not match the application note. I happened to start with AN75779 which explains the "no more than two outgoing transitions" limitation. They run into this in the application note and explain how to construct more than two outgoing transitions with the expense of an additional state.
The document does not cover the maximum number of trigger terms as the project does not require this. When I tried adding more than 4 terms to my own project, GPIF II Designer asked if I wanted the state machine to be automatically changed. I didn't want to really do this - so I bailed.
I think it's good to run through an application note that builds an entire project as there are good generic tips contained in the ANs not only limited to GPIF II Designer.