not quite, not having the facts to hand but i get:
for each 2 command stars you get + 1 valour.
each level of valour gives you +1 attack, +1 defence and +2 morale.
so an 8 star general gives +4 attack, +4 Defence and +8 morale to each unit under his command.
This makes a huge differance in combat.
Honour is the STW equivalent of Valour.
I forget about the acumen stat to be honest, but i think it works pretty much like additional farmland and trade. I.e. 9 accumen = roughly + 80% to income. However i field this one to someone else who has the stats on hand. Regardless the better the acumen the better the income, so long as you pay attention to any Vices and Vitues the governer has to, getting a -30% income on a 4 star accumen guy may as well be replaced by a clean 2 star. Remember to tax fairly and reap the rewards in the long run rather than the short.
Bookmarks