From what I've played so far, mass influences durability and affects the type of weapon you make, and tenacity affects physical damage, while magic tends to influence elemental damage. It's hard to make a guide because the weapons you output is still somewhat random, but you can influence what weapons you make.
For example, if you want to make wind knives for haste, find low mass materials + wind elemental stone and you'll get a high chance of making a wind knife. (TOO much mass makes a wind sword instead,which doesn't have haste)
I like to use the monster girl materials + high mass quality materials (magic silver ore or magic iron ore) for weapons with high durability,enhance slots, and damage/magic damage.
Originally, i tried making weapons with high tenacity and low mass, but ended up with low durability and enhance slots. For example, I did some tests with making weapons and/or enhancing them with discarded steel, a material with low mass and high tenacity. Ended up with a maid uchigatana with like 15-20 extra points of physical damage, but only 0/1 enhance slot, and below 30 durability.
My favourite power weapon to make is silver ore + magic silver ore (or 2x magic silver ore) and elven steel. (For full potential, a much powerful version of haste that also renders you temporarily immune to debuffs. Elven steel is RARE though.)
Then, enhancing the weapon with elemental stones for damage so you can practically one shot everything you run into. I like to make "rainbow" weapons, aka enhancing with all different elemental stones for maximum elemental coverage and damage.
See my post with my save for the results.
So,i went back and did some more farming,gathered up and enchanted up some NICE accessories with max potential/haste,and some even better weapons in the chest now. This save should prove to be handy for future versions,provided they carry over properly.
On this save,whenever you enter a new room and are in danger,simply switch to the skill haste (due to the accessory enchanted with the skill allowing you to cast it), and you can simply facesmash virtually any enemy you run into using the many powerful weapons you can find in the chest.
Sometimes there seems to be a glitch in preventing you from using skills enchanted on accessories,while equipping weapons like the maid's uchigatana. Not sure what exactly is causing it.