Will auto policy builder handle wildcards parameters like PAR1, PAR2, PAR3 -> PAR?

Yes--but there is one important condition that must be met: If you are using automatic policy builder, and you would like to ASM to learn each unique parameter, you must select Comprehensive mode (as the policy type) when you build the policy in the Deployment Wizard. This will ensure that the learning method for parameters is Add All Entities. If you've already got a policy, you can still change the learning method for parameters to Add All Entities yourself.