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What about if I don't want to set a custom menu label for a particular page?

Just leave the menu label box blank and it will use the default value which is the same as the page header.

I want the same value for my title attribute as my anchor text

Okay, then either set the same value as your menu label or use %%menulabel%% so that it will always copy whatever the menu label is set to :)

I want to use whatever the page title is of the page for my title attribute

Use %%pagetitle%%

What if I'm using custom nav menus?

Then you don't need this plugin as you can control the anchor text and title attribute within those settings.