Need Help with Item Creation
 

I'm brand new to HLO for Pathfinder 1e and I'm having a heck of a time figuring out how to create a magic item. For reference, we were able to create Bracers of Deflection, basically turning regular Bracers of Armor into a deflection bonus rather than an armor bonus.

The easiest way is to pick a similar item (like you did) and modify it - using "New (Copy)". Or open up a couple of items that have a power or bonus that you want to use and see how its coded.
If you are getting errors, or can't work something out, you can always ask in the forum here. In this case, its good to state what you are trying to create, what you have done, and what errors you get, or what didn't work, etc.

Also useful:
From the Main HL program, click on 'Help' > 'Hero Lab Manual' (Particularly 'Creating Custom Material')
and in the HL Editor, 'Help' > 'Help on using the editor'