You are right: CFM is the amount of air pumped. (cubic foot per minute). Keep in mind that this number drops as vacuum develops.
The Hg or bar is the amount of vacuum it can develop.
For composites, there are 2 nice settings:
-29" Hg or more for infusion (20 mbar abs as a maximum for the metric people)
-14" Hg for wet bagging (500 mbar abs, or -0,5 bar relative to ambient)
With infusion you want to be able to influence the setting. After infusion it is common to raise the pressure, to fight remaining voids.
As a means of influencing pressure there are 3 options:
-spring loaded leak valve. Simple, relatively cheap, an example is Airtech VAC-REG, but your pump will hate you. (pumps are not designed to work halfway their vacuum range)
-lossless pressure controller. Also simple, a tad more expensive, but at least your pump is happy. Great to have if you have a system with high vacuum, and you need something more towards ambient. Pump keeps running Always.
-pressure switch. A bit more complicated. The mechanical ones just need wiring up, but if the switch is not able to cope with the currents, you also need a relais switch, making things just a bit more complicated. These units are available from very cheap (as low as 20 USD) to expensive (200 USD). You get what you pay for, in general. The cheap ones are unreliable, sometimes do not kill the pump, and hysterese (amount of pressure between switch on and switch off) is varying, way too large (in the 150-200 mbar range, or 20% of the complete vacuum range) and cannot be adjusted.
The 200 USD one can be adjusted very finely, and has adjustable hysterese (10 mbar is the minimum, or 1% of the range). And there are some inbetweens.
A digital switch does the same, has adjustable hysterese (up to 1 mbar), and as a bonus you get a digital vacuum gauge with 1 mbar resolution. Drawback is the added complexity, wiring the thing up. (a one time set it and forget it operation).
I am in the process of writing a how-to on the digital vacuum pressure switch setup, so everyone can copy.