Well, let's clear up this mess.
No one should have to manually mess with either "bumpmat.txt" or "material.txt". The "Skin Viewer" will do all that for you. Unfortunately, there is a bug that causes the files to be saved to the base skin folder and not the skin folder you are working in (i.e. working skin: b29_1, the two text files will be saved in the b29 folder).
Both files have four values per line, as follows:
"bumpmat.txt"
0.361,0.361,0.361,1.000,Ambient
0.639,0.639,0.639,1.000,Diffuse
0.000,0.000,0.000,1.000,Emissive
1.000,1.000,1.000,1.000,Specular
10.000,Power
"material.txt"
0.361,0.361,0.369,1.000,Ambient
0.639,0.639,0.639,1.000,Diffuse
0.000,0.000,0.000,1.000,Emissive
0.655,0.653,0.650,1.000,Specular
10.000,Power
The only time you need the "bumpmat.txt" file is when you have a specular bump map (i.e. b29_b.bmp and b29_b_a.bmp).
To edit the two files, in the "Skin Viewer", you must check all three of the view options, Bump Map, Self Shadow, and Env Map.
Press the "Materials" button and go to work with the sliders.
Each time you hit the "Ok" button it will write the appropriate text file you are working on, as defined by the two radio buttons, "Regular Material" and "Bumpmapped Material".