so if I`m lacking in one area I can make up for in it in another major area. I`m guessing academics is the biggest.
No and yes.
First, I second what Jadler said.
Second, yes, academics is the biggest area. However, no, you cannot "make up for" significant deficiencies in one area with great success in another. For example, the fact that you have more leadership than most helps but won't overcome poor grades, class rank and SATs. Ditto with athletics. Without getting into the debate over varsity athletes (PLEASE, let's not start this one again), as a general rule, being a great athlete alone won't overcome poor grades and/or lack of leadership.
Explained another way, the WPM is basically additive. You get additional points for all sorts of things (great class rank, team captain, Eagle Scout, great teacher rec, etc.). If you're weak in an area, you won't get extra points. So, the more great stuff in your package, the higher your WPM. Thus, if you are terrific at math but not much else, you'll get lots of bonus points for that. But someone else may be terrific at math and sports and have tons of leadership, so will get more points than you.