Hi Sarah,
SEO optimized title/description are taken from the Search Engines section of your product page. They are usually much shorter than the real/default title/description and are used in product page meta-tags. You can write anything you like in those fields about your products.
Regarding the label for adwords, the app currently submits the product Type value as both the adwords group, and adwords label. In the near future, the app will be updated with more customization options, including custom values for adwords group and support for multiple adword labels. I don't have an ETA but am hoping very soon.
Cheers,
Shawn