...when the digital input is applied for Preset Speed #4, also send that same digital input to terminal 6?
Well, yes. Basicaly you need 3 inputs (from a PLC or some selector switches or thumbwheel switches or anything else that would generate 3 ON/OFF signals). Connect these 3 inputs to your Powerflex control block terminals 4, 5, and 6. The binary-number equivalent of the ON inputs selects the Preset Speed to be run. For example, if you want to run Preset Speed 6, the Input terminals 6 and 5 both need to be turned ON, while 4 remains OFF. The drive software looks at these terminals, converts the Binary "110" to Deciaml "6", and says, "I need to set my speed setpoint to Preset #6.
Now, logically lets say I wanted to use preset 7 to have a particular speed, would I simply have to supply a digital 1 1 1 somewhere to get that preset 7 to come true?
You keep leaving out the FIRST step: tell the drive WHAT you want each Preset speed to BE. For example, set Preset Speed 6 to "50 Hertz". Only then when you turn terminal blocks 6 and 5 ON, will the drive run at 50 Hertz, and only if it is in RUN mode. You may still need a RUN input, depending on how you set up your drive to operate.
(Preset: something set ahead of the time when it is needed, for example an oven preset to 450 degrees to later bake some biscuits.) The key to making the Preset Speeds work is that you must FIRST set up your Preset Speeds by setting the correct Parameters in your drive's Program mode.
Suggestion: get a copy of the user manual, and learn how to read it, how it is organized, how to find and set the Parameters to make the drive do what you need it to do, then immerse yourself in studying the manual until you find the answers to ALL your questions.