I'm not sure what you're trying to do with Waves 360. You shouldn't 'emulate' anything. You don't 'engage bass management' to check a mix.
Calibrate your room (to the lower mix level -78ish area) and check your mixes as they go through encode/decode. You need to get a Bluray player before you can do any decode playback calibration. You might be able to use a computer, but I like the simplicity of a standalone hardware device with fixed decoding software.
Here's another document to read
for setting up the subwoofer/ LFE channel (not sure where I found it)