How to identify the correct libraries to be loaded for each game by using the log?

Either a game will use a certain module, or not. If the game doesn't use a certain module I don't think performance is affected. Loading unused modules shouldn't affect compatibility either.

HLE stands for "high level emulation". There is more here: http://www.emunewz.net/forum/showthread.php?tid=165781

And for each term there is a corresponding Wikipedia article...