Since what you are primarily interested in is the level of organic matter and 5 percent is fairly good (8 percent is better, but 20 percent would not be) the rest simply gives you and idea of what proportion of mineral you have and that is not of great concern. So at 5 percent organic matter your soil should drain pretty well and also hold moisture in the root zone fairly well, but you need to add organic matter to maintain, or maybe increase that level a bit. Grubs are not a real big problem unless you have 10 or more per square foot, but if you have money that you do not know what else to do with, purchasing nematodes (very selective in their diet and they do not eat earthworms) might be something you could do.
So how well does your soil drain?
How well does your soil retain moisture?
What does that soil smell like?
What is the tilth like?

Thanks! I don't think I'll get the nematodes if 5 grubs/sf is okay since the guy told me they need moisture to move around and I am only planning on watering my new lawn test area (450sf of 8000sf).
The soil drains fine according to the test, but I think if it had rained for a couple of days prior to the test it may not have drained as well. I am on a slope but the lowest point in my yard is in the flood plain and gets soggy after several days of rain. I have added 3" of "sandy loam" and 1/2" of compost in this low area, hopefully that will help.

If I water thoroughly, the ground stays moist 3" below the surface for about 3 days...I think that's good retention?

Smells good (earthy)

Tilth really depends on what the weather has been doing. in mid summer with no rain it gets very hard and develops little deep canyons that make even watering difficult. right now it is firm when I squeeze it but crumbles when I poke it so its okay I guess.

I just added 1/2-3/4" compost and 20 lbs/1000sf of corn gluten meal over the whole backyard (1800sf), I am trying to prep it for grass plugs. I have already planted 450sf of the Tech Turf to see how it does. I plan to do the whole back yard in it if it performs half as well as they say. Hopefully I will get my soil analysis back soon so I can prep the rest of the yard appropriately prior to putting any more plugs in.

Here is what it looks like today, the area behind the statue has the plugs:

Are those stones or bark mulch in the picture?

Pine bark mulch...I am planning on pulling it back as the grass plugs grow

It's okay to leave pine bark mulch there. They will gradually break down to humus. No big deal.

Hmmm...If the grass will find it's way around the mulch to put new roots down, I would much rather leave it in place but the guy at Turfallo said "you can't put mulch down now, the roots can't grow through it!!!!"

It isn't so much that the roots can't grow through the mulch as the mulch, if thick enough, will keep the seeds from germinating which is why to prevent "weed" growth any mulch needs to be quite thick. If the plugs you put in are in soil the mulch you have will not stop them from growing.