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I will have two payment options for each membership level using WishList. Do I need to have two different reference texts for each membership level? i.e., a unique reference text for each button?
Yes. Create a new eStore product for each of your membership levels.
Full documentation here:
http://www.tipsandtricks-hq.com/ecommerce/wordpress-estore-and-wishlist-plugin-integration-448
No, I have only two products. But I want 2 different payment gateways for buying them. So do I need a separate sku for each method of payment?
Generally, You only need to create a eStore product for each membership level. When your customers add the product to the shopping cart, he can checkout using different payment gateway (the same product can be purchased using any available payment gateway).
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